What Factors Might Explain the Difference in Pay Rates

By Da_Selah305 25 Apr, 2022 Post a Comment

Employee compensation refers to all forms of pay going to employees and arising from their employment. Even if the two jobs are the same there may be other reasons that the pay is different.

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Experience makes a difference in many jobs.

. For instance in many companies a periodical evaluation of the match between the attributes and the role is carried out to determine whether the employee is doing justice to the role and whether. Location isnt the only factor that determines how little any given woman makes relative to an equally skilled man. Sir Ahmed Tasman Pasha Presented By.

Wage differentials are on the basis of geographical differences based on Industrial and occupational differences. The ability of an industry to pay will influence wage rate to be paid if the concern. Education The match between your education and whats normally required for your job usually affects your pay.

Up to 24 cash back Supply and Demand of Labor. They differ in abilities efficiency skill and. When unemployment rates are high there are many more people looking for work than there are jobs.

The labor market conditions or supply and demand forces operate at the national regional and local levels and determine organizational wage structure and level. Pay in the form of financial benefits such as insurance. WEEK 11 2 Explain the basic factors determining pay rates The first basic factors.

For that you would likely look at factors such as industry and revenue size because revenue size is highly correlated with the level of pay for executives. View WEEK 11 from BBUS HRM2201 at INTI International University. These factors include the number of people available to perform a specific job in the employers region competition for employees with the needed skills and.

Location is a primary factor used in benchmarking pay rates and developing salary ranges for most nonexecutive jobs. Obviously jobs with higher education requirements typically offer greater compensation. In this case employers might lower their starting wages because they anticipate job seekers may settle for lower wages.

B The existence of non-competing groups due to difficulties in the way of the mobility of labour from low paid to high paid employments. All persons are not equally efficient. Top 8 Factors Influencing the Determination of Wage Rates 1.

Perhaps the most important determinant of the pay given to an employee is the alignment between the individuals skills and attributes and the role that he or she is assigned. The salary range is also affected by additional demographic and market factors. That suggests companies can compare to firms that are different than their own.

Wage differentials arise because of the following factors. These above factors influence the general wage rates. Basic factors to determining pay rates 1.

Wage Differentials are also found on account of imperfect market competition in the factor market. Sana Rao Roll no09-29 Basic Factors In Determining Pay Rates. Basic factors in determining pay rates.

A Work experience b Hazards involved in the job c Demand for the product d Workers age and potential e Industrys role in the economy f Educational qualifications. Similarly if the position. In addition some factors influence the individual differences in wages rates.

These specific factors are as follows. Top 11 Causes of Difference in Wages Explained. A Differences in the efficiency of the labour which may be due to inborn quality education and conditions under which work may be done.

Third trade union encourages this practice so that their members can have equal pay equal work and geographical differences may be eliminated. Education is a big factor affecting wage differences among science math and engineering occupations. Pay in the form of wages salaries incentives commissions and bonuses.

In addition both race and age factor into womens salaries according to the study released by the Democratic staff of the Joint Economic Committee. Second various government laws and judicial decisions make the adoption of uniform wage rates an attractive proposition. To become an electrical engineering technician usually requires the completion of an associates degree sometimes a bachelors in electrical engineering technology.

The labor market is an external factor that can have a significant impact on salary differences. A 10-year veteran is usually considered to be more effective in his work than a newbie with six months on the job. Same job 10 different cities Heres what you might earn in jobs that pay annual salaries of 60000 and 90000.

The presence of non-competing groups in society makes the labour. Years of experience Typically more experience results in higher pay up to a point. The labour market conditions or demand and.

If the demand for certain skills is high and the supply is low the result is a rise in the price to be paid for these skills. First competition demand that competitors adhere to the same relative wage level. Causes of wage differentials In cities wage rates are high while rural labour is available at low wage rates.

Eight Factors That Can Affect Your Pay 1. Labour is generally immobile. Called Gender Pay Inequality Consequences for Women Families and the Economy the research delved deep.

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