The Primary Determinant Of Rate Of Pay Essay - 1472 Words

The primary determinant of rate of pay is the kind of job an employee performs. Different job require different kinds and level of skills and these skills have varying levels of value to the organization. Typically, the higher the skill levels the higher the pay. Because, employees’ levels of skills tend to affect work efficiency and effectiveness. Many organizations have implemented skill-based pay systems which reward employees for their job skills and competencies they can demonstrate. In skill based pay system, an employee’s job title doesn’t define his or her pay category, skills do. The more skills a worker has, the higher the wage. Skill-based pay systems seems to mean nicely with the changing nature of jobs and the new world of work, Henderson (2004). Another factor that influences an employee’s pay is the kind of business the organization is in. private-sector jobs typically provides higher-rate of pay than public-sector or non-profit jobs. The na ture of the business and its impact on compensation also applies to different industries. For example, restaurants and other retail businesses have notoriously low salaries for operative employees and first –line managers, Henderson (2004). Also, whether or not an organization or particular business unit is unionized can influence an employee’s pay. We find that the wages of unionized workers tend to be higher than those non-unionized employees for comparable jobs, but were true mainly in heavy manufacturing industriesShow MoreRelatedDeterminants Of The Crisis Of Colander s A Manifesto For Economic Sense1439 Words   |  6 PagesThough there are numerous determinants that resulted in the Financial Crisis of 2008, wage stagnation for the majority of Americans and increasing income inequality are among the most influential. The housing bubble that was fueled by subprime lending and indebtedness was a subsequent result of these two determinants. 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These immediate determinants are ultimately influenced by three other underlying determinants: food security, adequate care of mothers and children, and a proper health environment. Finally, these three underlying determinants are influenced by basic factors: the political resources available