Occupational wage differentials - compensation management - Manu Melwin Joy

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The wage paid to workers varies greatly. These wage differentials are mostly the result of differences in worker ability and the workers' effort in performing the job.

Education

Occupational Wage Differentials
Compensation Management

Prepared By
Kindly restrict the use of slides for personal purpose.
Please seek permission to reproduce the same in public forms and presentations.
Manu Melwin Joy
Assistant Professor
Ilahia School of Management Studies
Kerala, India.
Phone – 9744551114
Mail – manu_melwinjoy@yahoo.com

Wage differentials
• The wage paid to workers
varies greatly. These wage
differentials are mostly the
result of differences in
worker ability and the
workers' effort in performing
the job.

Wage differentials
• There are also wage
differentials across
occupations, because of
differences in the demand
and supply of laborers for
particular job or occupation.
These differences arise
primarily because of
differences in the amount of
education or training
required and in the
desirability of the job itself.

Occupational Wage Differentials
• Obviously, certain
occupations pay more than
others. Surgeons make more
than teachers, who make
more than retail
salespeople. Most of these
wage differentials are the
result of educational and
training requirements, what
is often referred to as
human capital.

Occupational Wage Differentials
• Surgeons require more
than a decade of
education and training
after high school before
they can earn a living as
surgeons, while retail
salespeople can get a job
right of the high school,
or even while they are
still in school.

Occupational Wage Differentials
• Education and training limit the
supply of labor in that they take a
certain amount of time to
complete and require a certain
level of skill. In many cases,
people who attend college or
training school do not have the
time to work a full-time job.
Therefore, they also incur an
opportunity cost which is equal
to the amount of money that
they could have earned had it not
been for the educational or
training requirement.

Occupational Wage Differentials
• Another primary factor that
determines wages is the
demand for the worker,
which is a derived demand
for the product or service
that the worker provides. If
the worker provides a
product or service that is
highly desirable, then a
higher wage will prevail for a
given supply of workers who
could do that job.

Occupational Wage Differentials
• Sometimes, ability makes a
very large difference in wage
potential that far outweighs
the differences in ability. The
winning horse earns a lot more
than the one that comes in
2nd even though it is only a
little faster. There are only so
many jobs for professional
athletes, so only the very best
are going to be chosen for
those high-paying jobs.

Occupational Wage Differentials
• Likewise, only the best
musicians or those
producing the most
desirable music will become
wealthy. People only have so
much time and money for
entertainment, so they tend
to select entertainment
performed by the best
people, especially
entertainment package for
mass consumption.

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Volkswagen Hidden Advert - Gamification in Recruitment - Dr. Manu Melwin Joy

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For more interesting case studies and updates about Gamification, visit my website https://www.youtube.com/channel/UCm_r2ZYJJBwGJ2rAaRNTNBA/videos Volkswagen was in need of skilled mechanics. So clearly, they should just jumped on the web and started advertising for open positions, right? Wrong. The best candidates may already be working somewhere else. Volkswagen chose a no less unusual place for their vacancy ads.

Swedish Armed Force - Who Cares? - Gamification in Recruitment - Dr. Manu Mel...

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For more interesting case studies and updates about Gamification, visit my website https://www.youtube.com/channel/UCm_r2ZYJJBwGJ2rAaRNTNBA/videos The Swedish Armed Forces are recruiting. They need young men and women for an occupation that in many ways is about giving up your own safety in order to help others. They wanted to activate the target group while simultaneously raising the question. Would people sacrifice their own freedom for someone they have no relation to? Are people prepared to show that they care in ways that don’t include sharing something on Facebook or tweeting a specific hash-tag?

IKEA - Assemble your career - Gamification in Recruitment - Dr. Manu Melwin Joy

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For more interesting case studies and updates about Gamification, visit my website https://www.youtube.com/channel/UCm_r2ZYJJBwGJ2rAaRNTNBA/videos In an attempt to recruit a large number of workers for their new megastore in Australia, IKEA amusingly decided to include what they called ‘Career Instructions’ into each of their flat packs. Based on their traditional furniture instructions, all customers took home the witty application forms without realising. The clever initiative not only minimised the costs on advertising, but it also ensured IKEA fans were targeted.

Bletchley Park’s crossword - Gamification in Recruitment - Dr. Manu Melwin Joy

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Yates’ algorithm for 2n factorial experiment - Dr. Manu Melwin Joy - School o...

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Factorial design - Dr. Manu Melwin Joy - School of Management Studies, Cochin...

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Ducan’s multiple range test - - Dr. Manu Melwin Joy - School of Management St...

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This document provides an overview of Duncan's multiple range test, a statistical method used to compare all pairs of means and group means that are not significantly different. It explains the steps to perform Duncan's test, including calculating ranked means, finding critical values using tables, and comparing means to determine grouping. An example using data from a plant study demonstrates how to apply Duncan's test to analyze differences between varietal means.

Latin square design- Dr. Manu Melwin Joy - School of Management Studies, Coch...

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Randomized complete block design - Dr. Manu Melwin Joy - School of Management...

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ANOVA - Dr. Manu Melwin Joy - School of Management Studies, Cochin University...

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Analysis of Variance technique is used to test whether the mean of several samples differ significantly. An agronomist may like to know whether yield per acre will be the same if four different varieties of wheat are sown in different identical plots. A diary farm may like to test whether there is significant difference between the quality and quantity of milk obtained from different classes of cattle. A business manager may like to find out whether there is any difference in the average sales by four salesmen.

Design of experiments - Dr. Manu Melwin Joy - School of Management Studies, C...

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How information system is transforming business - - Dr. Manu Melwin Joy - Sch...

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Internet revolution - Dr. Manu Melwin Joy - School of Management Studies, Coc...

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The computer networking revolution began in the early 1960s and has led us to today s technology. The Internet was first invented for military purposes, and then expanded to the purpose of communication among scientists. The invention also came about in part by the increasing need for computers in the 1960s. The Internet is bringing a revolution along with it. Access to information combined with global supply and demand is reshaping established conventions and destroying old world definitions.

Smart phone revolution - Dr. Manu Melwin Joy - School of Management Studies, ...

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A smartphone is a handheld personal computer with a mobile operating system and an integrated mobile broadband cellular network connection for voice, SMS, and Internet data communication; most if not all smartphones also support Wi-Fi. Smartphones are typically pocket-sized, as opposed to tablets, which are much larger.Smartphones became widespread in the late 2000s. In the third quarter of 2012, one billion smartphones were in use worldwide. Global smartphone sales surpassed the sales figures for feature phones in early 2013.

Definition of information system - Dr. Manu Melwin Joy - School of Management...

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An information system has six main components: hardware, software, data, procedures, people, and communication. Hardware includes devices like CPUs, input/output devices, and storage devices. Software includes computer programs and supporting manuals. Data are the facts used by programs to produce useful information. Procedures are the policies governing computer system operation. People include users, operators, maintainers, and network support. Communication allows interaction between computers and users.

PESTEL Analysis - Manu Melwin Joy - School of Management Studies, Cochin Univ...

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Oxytocin and Trust - Neuro Human Resource Management (NHRM) - Manu Melwin Joy

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B2B marketing - Manu Melwin Joy

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Industrial marketing - Manu Melwin Joy

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Industrial marketing, also known as business-to-business (B2B) marketing, involves the sale of goods and services between businesses. It focuses on marketing industrial goods, which are materials and components used by industries in the production of end products. Industrial marketing is characterized by one-to-one relationships between sellers and buyers, complex multi-stage buying processes that require approval from several decision makers, and long selling cycles that involve prospecting, qualifying leads, presentations, contract negotiations and more.

Green marketing - Manu Melwin Joy

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