By Ben Quick Labor and wages read do not copy The type of job one does and the financial compensation he or she receives are very important in our society Job type is linked to status as is wealth While the type of job one performs is arguably more important status wise than wealth bot ID: 566389
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Slide1
Determining salary and wages
By: Ben QuickSlide2
Labor and wages
(read – do not copy)
The type of job one does and the financial compensation he or she receives are very important in our society. Job type is linked to status as is wealth. While the type of job one performs is arguably more important status wise than wealth, both are important to Americans.
Wealth does not always equal Success!Slide3
Investment in human capital
How does a company determine the value of an employee?
- scarcity/shortage (also called replacement cost)
Skills
Education
Job training (experience)
*all of these items represent forms of human capital, which makes the worker more productive.Slide4
Basic types of labor
Skilled
Unskilled
Professional
Can you guess which type of labor gets paid the most? The least?Slide5
Skilled labor
These are workers who have received specialized training to do their job.
Examples: carpenters, electricians, plumbers, business managersSlide6
Unskilled labor
These are workers who have received NO special training and have few skills.
Examples: construction workers, sanitation and custodial workers, factory assembly line worker, burger flipperSlide7
Professionals
Arguably the elite of the labor grades, these are workers who need an advanced degree to do their jobs.
Primarily three groups: Lawyers, doctors, teachersSlide8
Workplace skills
There are several skills that can make an individual more successful in the workplace:
1. Good attendance/punctuality
2. Ability to get along with others
3. Flexibility: willingness to adapt/learn new skills
4. Communications skills: Oral/Written
5. Leadership skills
6. Strong work ethicSlide9
Questions?