How do economic factors affect the total compensationand benefits packages of each job? Consider where...

How do economic factors affect the total compensation and benefits packages of each job? Consider where we are in terms of an economic growth cycle (e.g., are we in a recession or boom-time economy?), the cost of living in the location of each job, and the competitiveness of each industry.

Expert Solution

Economic factor have great effect on the total cost and the total beneft from the packages of each job.

For example, type of job suffers when we have to travel as while traveling we cannot do labor work but we can do online works.

Another factor is the trade cycle and the economy situation , as in current pandemic have drastic effect on the benfits from jobs as many perks and incenties have been hold by the owners due to fall in the state of he economy of the country.

Another factor is the weather, as working in deserts or the hill areas seek different problems as problems seek by the one in metro cities so, the extreme situation leads to changes in benefits and the satisfactiion gained from it.

Apart from this competitors of your industry make the overall profit to fall thus percentage received as salary or wages also falls so is the ratio of benefits from the job.

As a monopolist can pool maximum wealth and can give the employers better perk to motivate and give them rewards.

Rahul Sunny answered 2 years ago

How do economic factors affect the total compensation and benefits packages of each job? Consider where...

How do economic factors affect the total compensation and benefits packages of each job? Consider where we are in terms of an economic growth cycle (e.g., are we in a recession or boom-time economy?), the cost of living in the location of each job, and the competitiveness of each industry. Clearly explain! Thanks.

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