Chapter 7 -- Defining competitiveness - College of Business ...

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Labor Supply Theories and Implications 7 - 14 Theory Reservation wage Human capital Job competition Prediction Job seekers won’t accept jobs whose pay is below a certain wage, no matter how attractive other job aspects. The value of an individual’s skills and abilities is a function of the time and expense required to acquire them. Workers compete through qualifications for jobs with established wages. So What? Pay level will affect ability to recruit. Higher pay is required to induce people to train for more difficult jobs. As hiring difficulties increase, employers should expect to spend more to train new hires. McGraw-Hill/Irwin © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
Competitive Pay Policy Alternatives 7 - 15 Pay with Competition (Match) Lead Policy Lag Policy Flexible Policies Shared Choice Employer of Choice McGraw-Hill/Irwin © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
Page 1 and 2: Part II External Competitiveness: D
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Page 17 and 18: Some Consequences of Pay Levels 7 -
Page 19 and 20: 7 - 19 Review Questions 1. Distingu

Chapter 7 -- Defining competitiveness - College of Business ...

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