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Chapter 7 Notes - Chapter 7 Notes Industrial Wage...

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Chapter 7 Notes Industrial Wage differentials What wages and benefits represent - A standard of living for employees - A cost to be controlled for employers Reasons for wage differentials - The degree of competition or monopoly in product market – monopolistic companies have higher wages, and competitive companies have lower wages - Value added by workers in particular industry - Percentage of total product or service cost represented by labor costs – in a business where labor is intensive wages tend to be low, in businesses where labor cost is not high, the wages of workers is typically higher Job Analysis - Job description o Listing of job factors required to perform job. Involves Tasks Duties and responsibility TDR - Job specifications o Utilization of KSAOs Job Evaluation- what is a job worth to organization - Ranking – compares each job to every other job to create hierarchy - Classification – grouping similarly valued jobs into classes -
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