Chapter

Pay and Incentives

David Marsden

in A Theory of Employment Systems

Published in print September 1999 | ISBN: 9780198294221
Published online November 2003 | e-ISBN: 9780191596612 | DOI: http://dx.doi.org/10.1093/0198294220.003.0007
 Pay and Incentives

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Following the logic of the employment relationship, workers are paid for making their labour available to the employer as much as for the amount of effort expended. Hence, the ‘price of labour’ is better understood as a rule rather than a particular sum of money, part of the obligations exchanged by firms and workers. This is reflected in the complexity of most reward systems, as in the measurement of labour cost. Different types of reward systems and pay hierarchies are then related to the four types of employment systems with different ways of linking pay to performance and a contrast between ‘hierarchical’ and ‘occupational’ reward structures.

Keywords: employment relationship; employment system; incentives; labour cost; obligations; pay hierarchies; reward structures

Chapter.  14926 words.  Illustrated.

Subjects: Macroeconomics and Monetary Economics

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