Compensation: Chapter 7 & Chapter 8
Pay level (formula)
Base + Bonuses + Benefits + Value of stock holdings / number of employees
Bourse markets
Haggling over the terms and conditions until an agreement is achieved
What shape external competitiveness?
Labor market, product market factors, and organization factors
Labor cost (formula)
Pay level x Number of employees
Pay level
Referes to the average of the array of rates paid by an employer
External competitiveness
Refers to the pay relationships among organizations - the organization's pay relative to its competitors
Quoted price markets
Stores that label each item's price or ads that list a job opening's starting wage
Marginal product of labor
The additional output associated with the employment of one additional person, with other production factors held constant
Marginal revenue of labor
The additional revenue generated when the firm employs one additional person, with other productions factors held constant.
Pay forms
The various types of payments, or pay mix, that make up total compensation