unit 4 discussion - during contract negotiations and why...

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The statistic most often used to describe company salaries is the median or the mean. For this company, does the mean give an accurate description of the salaries? Why or why not? I do not think that the mean gives an accurate description of the salaries for this company. The mean is $43,000 rounded up to the nearest thousand and there are only four people that make over that amount, the production managers salary is the closest to this mean but there are eight workers that do not even come close to making this amount. I think the median of $30,000 is a better description of the midrange salary for this company but there is still a big discrepancy between the amounts. On the other had an unskilled laborer really cannot expect to make much more than $16,000 a year, between $16,000 and 22,000 a year is the going average for the unskilled workforce. Which statistic would this company’s labor union representative be most likely to cite
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Unformatted text preview: during contract negotiations and why? Which statistic would the company president most likely report at the annual shareholders’ meeting and why? Hello Everyone, I think the company’s labor union would cite the mean salary in contract negotiations in order to broker a higher salary for the unskilled workforce. The company president would most likely use the median salary to report to the shareholder meeting because it shows that the labor costs are lower compared to the amount of product that is being put out. The salary range is tipped in favor of the executives, I knew that this was the case in most companies, but I did not realize that it was such a huge difference. Do you think that this is a normal trend in most companies, for the scales to be that much in favor of the executives?...
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