Personnel Economics: Hiring and Incentives
At the micro level, one sub-discipline eliciting increased attention in recent decades is analysis of internal labour markets, that is, within firms (or other organisations), studied in personnel economics from the perspective of personnel management. By contrast, external labor markets "imply that workers move somewhat fluidly between firms and wages are determined by some aggregate process where firms do not have significant discretion over wage setting." The focus is on "how firms establish, maintain, and end employment relationships and on how firms provide incentives to employees," including models and empirical work on incentive systems and as constrained by economic efficiency and risk/incentive tradeoffs relating to personnel compensation.
Read more about this topic: Labour Economics
Famous quotes containing the words personnel, hiring and/or incentives:
“This woman is headstrong, obstinate and dangerously self- opinionated.”
—Report by Personnel Officer at I.C.I., rejecting Mrs. Thatcher for a job in 1948.
“When someone borrows an animal from another and it is injured or dies, the owner not being present, full restitution shall be made. If the owner was present, there shall be no restitution; if it was hired, only the hiring fee is due.”
—Bible: Hebrew, Exodus 22:14,15.
“Perestroika basically is creating material incentives for the individual. Some of the comrades deny that, but I can’t see it any other way. In that sense human nature kinda goes backwards. It’s a step backwards. You have to realize the people weren’t quite ready for a socialist production system.”
—Gus Hall (b. 1910)