Question

Please answer the following questions in 250+ words total and number the questions (aim for about a paragraph per question).

1. Define compensating differential and give original examples (not already included in the book or power points) of different jobs that earn higher wages and some that earn lower wages because of compensating differentials.

2. Go to the Education Pays (Links to an external site.) page on the Bureau of Labor Statistics website. Compare and contrast the different levels of education in relation to average wage and unemployment rate.

3. Explain the benefits of higher education in terms of the unemployment rate and average salary figures in the United States per the Education Pays chart.

4. How does this reflect on your own decision to invest in your human capital?

5. Also, go to the BLS Occupational Outlook Handbook (Links to an external site.) and look up two careers that you may be interested in pursuing.

6. Does the information given about these careers match your expectations?

7. Is there expected growth of jobs in these careers? How might it affect your likelihood of finding a job after graduation?

Answer 1

Ques 1

A compensating differential, which is likewise called a compensating wage differential or a balancing contrast, is characterized as the extra measure of salary that a given specialist must be offered so as to rouse them to acknowledge a given bothersome activity, comparative with different employments that laborer could perform. Wage may contrast in various kinds of business, occupation, from industry to industry, between individual to individual in a similar evaluation or level, from state to state or from nation to nation. These distinctions are named as wage differentials

The wage differentials help in building the wage structures for different levels and sorts of employments in an association, as they are inescapable. They identify with aptitude, preparing and experience, nature and unpredictability of the activity, duties and responsibility of the individual carrying out that responsibility and the financial and societal position of the geological territory.

Wage may contrast in various sorts of business, occupation, from industry to industry, between individual to individual in a similar evaluation or level, from state to state or from nation to nation. These distinctions are named as wage differentials.

The wage differentials help in building the wage structures for different levels and kinds of occupations in an association, as they are inescapable. They identify with expertise, preparing and experience, nature and unpredictability of the activity, duties and responsibility of the individual carrying out that responsibility and the financial and societal position of the geological territory. The dealing intensity of associations and the winning systems of the organizations likewise influence the wage differentials.

- The individual strategy of the business to look after separations
- Flaw of the work market to exploit
- Administrative frameworks of work
- Relative bartering qualities of representatives and businesses
- The estimation of the representative to the business
- Thedeveloping significance of incidental advantages

Some examples are :

Pilots, because of their special skills they command the higher premium

Jobs in the emerging new technologies, because of their high demand and niche skills they demand more compensations

Similarly in the industries people familiar with new technologies like Industrial innovations can ear more then people with lot of experience of decades.