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Answer on Macroeconomics Question for Jimmy Vo

Question #25911
A recent study of the determinants of wages for clerical staff at a state university found that years of schooling, years of experience, age and job characteristics only ecplained about one-half of the difference in wages. Describe other factors that may be important in explaining wages differences for clerical staff.
Expert's answer
The other important factors of the difference in wages are:1) Supply and Demand of Labor
Any job is worth what the marketplace will bear.

2) Geographic Location
Levels of employment/unemployment do not affect all regions of the nation
equally.

3) Employment Setting
There are often unique circumstances that drive salary-related decision-making
in different settings.

4) Compensation Philosophy
Some employers are committed to a philosophy of paying their employees above
industry or area standards in order to attract and retain the very best pool of
skilled workers available.

5) Profitability of the Organization
Employees working for a highly profitable business have a greater chance of
receiving higher wages than those working for a less profitable enterprise.

6) Employment Stability
We all want the security of knowing that we will have our job as long as we
want it.

7) Gender Difference
Although great strides have been made in assuring "equal pay for equal
work," on the whole, women continue to receive lower pay than men.

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