Pay Structure Determination Mathematics & Economics Essay (Essay Sample)
External and internal influences of pay structure in an organizationsource..
Professor Alex Page
Business Marketing and Human Resources
February 24, 2021
Internal and External Influences on Pay Structure
The last decade has produced numerous researches into the factors that affect wage determination. Attempts to tackle this domain have condensed into two ways. Firstly, through mathematical models derived from the familiar neoclassical axioms. Secondly, economists have endeavored to apply such models, by utilizing econometric mechanisms, to time-series and cross-sectional data.
A handful of researchers have newly suggested insider and outsider theories of wages (see, for instance, Gregory (1985), Lindbeck and Snower (1986), Solow (1985) Carruth and Oswald (1987a). The major attribute of these theories is the emphasis they place upon a firm’s internal operations and financial performance. Pay, in this setup, are formulated in large part by how good the employers are faring. When sales increase, insiders demand a pay rise and the unemployed outsiders have a limited role to play.
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