HRM303 Chapter Notes - Chapter 9: Central Tendency, Quartile, Interquartile Range
10 Aug 2016
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Document Summary
Price (wage) for particular type of labour depends on demand for labour relative to its supply. When faced with labour scarcity, firms in private sector are willing to increase price for labour (in terms of total compensation) until price matches value that firm receives from that labour. Unionized employees have received considerably more compensation than comparable non-union employees. Compensating differential: higher compensation level offered by an employer because of undesirable aspects of the employment. Two kinds of competitors are relevant: competitors in the same labour markets and competitors in same product/service market. Labour markets and product/service markets serve as constraints to employers. Two crucial dimensions to labour market: occupational grouping and geographic scope of market (local, regional, national or international) Market comparator firms: firms selected as comparators when constructors a sample of market data. Statistics canada, human resources and skills development canada, Industry associations that collect data on pay rates within their industries.
