Do you think this wage strategy is commonly practiced by employers? Do you think efficiency wages are effective or ineffective?
Answer
Efficiency wage strategy is used by the employees which requires high efficiency in the field proving the motivation to the workers to work more it was a strategy provided by Alfred Marshall to increase the productivity of the firm and to provide benefits for the effective work .
This strategy is applied partily by the firm's by paying for over time or in the form of appraisal etc.
It is one of effective means to increase the productivity of the firm and to motivate the workers to work efficiently resulting in over all development of the firm.
Whereas with such strategy a firm can easily achieve it's goal in short span of time .
Do you think this wage strategy is commonly practiced by employers? Do you think efficiency wages...
13. According to the theory of efficiency wages (x)anything that makes the efficiency wage rise relative to the market-clearing wage will increase the quantity demanded of labor and reduce the quantity supplied of labor .(y)firms may choose to pay a wage above the equilibrium level to attract the best skilled workers, to provide an incentive to work hard and to reduce worker turnover. (z)anything that makes the efficiency wage rise relative to the market-clearing wage will cause a surplus of...
The subject is Human Resource Economics. Explain “Efficiency Wages”. Why are they useful to employers? How can they go wrong?
A standard efficiency wage model pays workers higher wages in order to increase worker efficiency. As a result, firm profits increase and there is a pool of involuntarily unemployed workers. This equilibrium comes about in part because Multiple Choice workers are unaware of the pool of unemployed workers as long as they keep their job. the firm agrees to not replace labor with capital. the firm pays workers according to a tournament. workers will do anything to be paid a...
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