Factors affecting wage demand
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In this assignment, look at factors that affect wage demand in any employer-employee relationship, some of which may be at the bargaining table and some of which may be in the personnel office.
Choose any job within a publicly traded company to analyze. Identify the organization, industry, and geographical location of that job. For example, choose a baker working for Krispy Kreme in Florida.
Compare the base wage to that of the market using Salary.com. Look for industry data on the profitability of your organization or an organization like yours. Find the current CPI and any data related to salary increases for that position in the past two years.
Write a summary that analyzes the factors affecting the wages for the job you have chosen based on the fo1llowing
Analyzes internal wage equity issues in the company.
Analyzes external wage equity issues for the position in the industry as a whole.
Analyzes ability to pay issues for positions in the selected industry as a whole.
Analyzes standard of living issues for similar positions in the geographical area selected.
Uses references to support your analyses on wage issues
Please note that I am using Engineering, as the job selected.
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Solution Summary
The response address the queries posted in 760 words with references.
Solution Preview
The response address the queries posted in 760 words with references.
//Prior to talk about the factors that significantly affect the 'wage demand', it is necessary to discuss the importance of wages and compensation for the employees. Below, I have talked over the meaning and relevance of compensation in an Organization.//
Employee compensation is an essential and critical part of human resource management. Wage or compensation system that an organization uses is a complex and prominent task. Organizations can attract and retain qualified and motivated employees by providing them fair compensation. The main factors affecting wage demands are: demand and supply of labor, cost of living, labor unions, ability to pay, prevailing wage rates, job requirements, productivity and state regulations (Gupta, 2007).
//For this purpose, I have chosen the industry of 'Engineering' and researched the basic wages of the engineers working in a particular area. I have done adequate research and given the following results. However, if you feel something is to be added, you may add. //
For example, we consider engineering job in American Engineering Testing Inc. This company is providing environmental, geotechnical materials and forensics consulting and testing services to private and public sector clients in a wide range of industries. This company is ...
Education
- MBA (IP), International Center for Internationa Business
- BBA, University of Rajasthan
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