¶ … Legal Prices: Collect information minimum wage. State purpose legal price, assess impact market labor, evaluate extent achieves purpose. List Resources: Bureau Economic Analysis - http://bea.
Evaluating legal prices: The minimum wage
The modern day employee is viewed as the most valuable organizational asset and sits at the core of the company's ability to attain its overall objectives. In such a setting then, the employers compete for the best skilled and qualified employees, and the staff members benefit from higher wages and better incentives.
Nevertheless, this was not always the status of the employees. The first employers were the factory workers, who migrated from the villages to the cities in search of better lives, but were mostly confronted with exploitation on the part of the factory owners, long hours of work, insufficient pay, unsafe and unsanitary working and living conditions.
The workers eventually rioted and were met with resistance and violence on the part of the factory owners. Gradually however, they formed unions and the policy makers came to side with the labor force. Several legislations were passed throughout the years in order to protect the employees and prevent abuses from reoccurring. Some examples in this sense include the American with Disabilities Act of 1990 or the Civil Rights Act of 1993.
As part of the overall effort to protect employees from abuses, the states also implemented the minimum wage, which is assessed as a measure prohibiting the employers from paying any employee a wage below the minimum set by the federal institution.
In other words, the minimum wage represents "the minimum amount of compensation an employee must receive for performing labor. Minimum wages are typically established by contract or legislation by the government. As such, it is illegal to pay an employee less than the minimum wage" (Investopedia, 2012).
The scope of minimum wage is that of protecting the staff members against a possible exploitation by their employers. The level of the minimum...
Now, the last one involves the balancing competitiveness with internal alignment through the use of ranges, flat rates, and/or bands. This is very important because a company would want to know who they are competing against and what they have to offer that will be able to go against them in the marketplace. Other things mentioned in this chapter, involve chapter talks about market pay survey (Salvador & Garcia-Menendez,
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2.5. Limitations of the study At the level of the limitations, these refer to the usage of secondary information, as opposed to the collection of primary data through the direct analysis of the Chinese market. This limitation is nevertheless addressed through the integration of multiple sources of valid and verifiable information, leading as such to the creation of solid, relevant and reliable findings. The second limitation is one common to all research
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