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Human capital theory as it relates to a seniority pay system

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Describe human capital theory and its relationship to a seniority pay system. What weakness can you see with this system?

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Human Capital Theory & Seniority Pay System

Human capital theory is a theoretical framework which is mainly responsible for the all-inclusive adoption of education and expansion plans. This theory depends on the supposition that official education is extremely influential and even essential to advance the production capability of people. The theorist that believes in this theory confers that a well-informed population is more productive rather than the population that is not educated. Human capital theory accentuates that education can augment the output and competence of workers by raising their capability of understanding and considering (Olaniyan & Okemakinde, 2008). In this theory, the stipulation of formal education is seen as a prolific outlay in human capital. Human capital theory furnishes an introductory ...

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The expert describes a human capital theory as it relates to a seniority pay system.

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I have to develop a paper about "The Process of Implementing a Global Pay Structure" but I can title different using the topic. That consist in Write a comprehensive summary of the key findings from literature review (articles and Book used Compensation Milkovich 10 edition) selecting 10 or more current (less than 5 years old) journal articles that fit with Compensation, and discuss the application of those findings to the business world, utilize APA guidelines for format and citations, be typed, double-spaced and contain 15- pages containing appropriately labeled section headers:
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 Conclusion
o Appendix containing appropriate charts, graphs or tables that support research findings (1-3 pages)

The submission should provide a summary of major theories related to the course and apply said theories to real world business

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