mgt 3344 chapter 7 outline

mgt 3344 chapter 7 outline - Chapter 7- Economic Issues...

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Chapter 7- Economic Issues Degree of labor intensiveness- measure of the proportion of total operating costs comprised of labor costs, wage rates Wage spread - internal distribution of proposed wage increase to bargaining unit employees Skill pay differential - wage spread between higher and lower skilled employees Two tier pay plan - newly hired employee will be paid less than other employees performing similar job Wage comparability - Wage rates are equal or related among comparable bargaining units. Labor productivity -Conceptually, workers’ wages should vary with changes in their productivity Consumer price index - An index that measures the monthly change in the prices of goods and services for a typical household Cost of living adjustment - Unions demand higher wages to maintain real wage purchasing power when the cost of living rises. Deferred wage increase (Wage reopener)- increases in multi-year labor contracts for base wage rates Back loaded - larger wage increases occur later in the contract period. Front loaded
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mgt 3344 chapter 7 outline - Chapter 7- Economic Issues...

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