What is meant by a wage-lead approach, wage-competitive approach, and wage-follower pay plan?
What will be an ideal response?
A wage-lead approach may reflect a belief that by “working smarter” a high-quality, satisfied workforce is a cost effective, money-saving strategy. That is, total labor costs are not the same as labor rates.
A wage-competitive policy neutralizes compensation as a factor in human resource management. It does this by paying fairly and accentuating nonmonetary amenities affecting the overall ability to attract and retain employees.
A wage-follower plans may be indicated of: unique characteristics of the occupation (military travel, State Development diplomacy), a philosophy that dictates service is not about making money (Salvation Army), high unemployment in the area, short-time horizons, or simply a “lean and mean” approach to human resources by “working harder” to get the most from as few poorly paid workers as possible (despite counterproductive effects such as low morale, turnover, and training costs).
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Answer the following statement true (T) or false (F)
The preemptive right is important to shareholders because it
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