Chapter 7 Notes

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

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Unformatted text preview: 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- Point system – assigns points to each job based on degree to which job factors are present...
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This note was uploaded on 06/29/2011 for the course MGT 3000 taught by Professor Murrmann during the Spring '11 term at Virginia Tech.

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

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