In the US economy, nearly half of all workers employed by private firms work at the 0.3% of firms that have 500 or more employees.

What does this relationship mean for the power relationship between large firms and the labor force?
What do you think these large firms having such a market share of labor means for labor prices (wages)?
Can you propose a policy that would counteract this power imbalance?

Expert Solution

The relationship suggests thatthat majority of workers work for large scale companies and labor force is inclined towards them for their brand value, ability to compensate higher than industrial standards and their bargaining power.
This suggests that large firms have higher bargaining power and retention power as well and can retain talent by overly compensating them amd providing better workplace conditions alongside better career paths. This leads to higher wages in the market for top talent.
To counteract power imbalance the government must propose compensation lower and upper caps and at same time offer tax sops for smaller rival firms having employed size less than 500 to create additional employment and reverse wage rigging.

Rahul Sunny answered 2 years ago

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