Categories of Labor Unskilled Labor No special skills required Semiskilled Labor Minimum amount of training Skilled Labor Requires a lot of education knowledge and training Professional Labor ID: 587484
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Wages and Labor DisputesSlide2
Categories of Labor
Unskilled Labor
– No special skills required
Semiskilled Labor
– Minimum amount of training
Skilled Labor
– Requires a lot of education, knowledge, and training
Professional Labor
– Highest level of knowledge-based education and managerial skillsSlide3
Market Theory of Wage Determination
The supply and demand for a worker’s skills and services determine the wage
The higher the supply, the lower the wage
The higher the demand, the higher the wageSlide4
Theory of Negotiated Wages
Unions bargain for wages
The more powerful the union, the higher the wages
In this situation, seniority plays a larger role in wage determinationSlide5
Signaling Theory
Certificates, Degrees, or other indicators “signal” superior knowledge to employers
The signals help employers know when to pay a higher wage
Many jobs may require that you have a degree, but do not specify what kind of degreeSlide6
Resolving Labor Disputes
Collective Bargaining
Negotiations between Labor and Management
Unions are the voice for the Labor
Generally not an easy processSlide7
Resolving Labor Disputes
Mediation
Impartial third party brought in to help settle dispute
Problem is solved by the two sides, mediator keeps the peaceSlide8
Resolving Labor Disputes
Arbitration
Impartial third party brought in to settle the dispute
Problem is solved by the arbitratorSlide9
Resolving Labor Disputes
Fact-Finding
Neutral third party looks at the situation, gathers information and recommends solution
Government Intervention
Injunction
– court order not to act (No Strike)
Seizure
– Temporary government take over
Presidential Intervention
– President publically appeals to resolve differences