Assignment:
You are hired by the Fair Work Commission Australia as a consultant to examine issues relating to pay and performance. Your task is to provide a report detailing findings from the economic literature on the effectiveness of pay for performance, and how performance should be evaluated based on incentive pay.
In the economic literature, the Efficiency Wage Theories focus exclusively on the relationship between pay and performance. The Efficiency Wage Theories maintain that firms should offer their employees a wage that is above the market cteanng rate. Paying employees a wage premium raise. productivity. workplace cohesiseness. employee responsibility and locally, and reduces shirking. Conversely. a wage that is below the prevailing market rate can contnbute to employee dissatisfaction and other negative attitudes (e.g. outrage and a desire for revenge). and ultimately a high turnover.
• You should aim to think critically and write originally.
• A key component of the assessment of the assignment will be based On your ability to explain your answers using the economic concepts and theory discussed in this unit. You will be rewarded for linking the theory with a mat life example.
• You arc required to research this topic. Use the readings on "Efficiency Wages" (in LMS) to build up your essay
Try to find a Singapore firm
1- Introduction
2- Literature Review
(Discuss these 5 models : Shrinking, Labour Turnover, Sociological, Union Threat, Adverse Selection)
(Usefulness of theories)
(Strength/weakness of theories)
3- Application
(Find one Real-Life Example: Singapore Firm)
4- Recommendation
5- Conclusion
Intro + Literature Review = 1500 words
Application + Recommendation + Conclusion = 500 words
APA referencing (at least 10 references)