Date post: | 22-Jan-2015 |
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Technology |
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2. EXTERNAL COMPETITIVENESS IS EXPRESSED IN PRACTICE
BY:
[Pay level refers to the average of array ofrates paid by an
employer].
[Pay forms refer to the mix of various types of payments that
make up total compensation].
3. PAY LEVEL AND MIX FOCUS ATTENTION ON TWO OBJECTIVES:
CONTROLLABOUR COSTS
ATTRACT AND RETAIN EMPLOYEES
4. FACTORS SHAPING EXTERNAL COMPETITIVENESS
1. Labour Market Factors:
5. Nature of Supply2. Product Market Factors:
6. Level of Product Demand3. Organization Factors:
7. Individual ManagerEXTERNAL COMPETITIVENESS
8. LABOUR DEMAND
9. The marginal revenue of labour is the additional revenue generated when the firm employs one additional unit of HRs, with other production factors held constant.