Asked by Osvaldo Munoz on Jul 14, 2024
Verified
Organizations under pressure to cut labor costs may respond by
A) retaining staff levels.
B) providing pay increases to prevent employee turnover.
C) postponing hiring decisions.
D) requiring employees to bear less of the cost of benefits such as insurance premiums.
E) avoiding automation of routine tasks.
Labor Costs
The total expenditure incurred by employers for the compensation of their workforce, including wages, benefits, and taxes.
Employee Turnover
The rate at which employees leave a company and are replaced by new employees over a specific period.
Automation
The use of machinery and technology to perform tasks without human intervention, often to improve efficiency and productivity.
- Acknowledge the significance of product and labor markets in determining pay structures in organizations.
Verified Answer
Learning Objectives
- Acknowledge the significance of product and labor markets in determining pay structures in organizations.
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