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this assignment has 4 short answer questions. it will take within an hour. but i need two version
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Running head: ECONOMICS 3340 – HUMAN RESOURCE ECONOMICS
Human Resource Economics
Student's Name
Institutional Affiliation
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ECONOMICS 3340 – HUMAN RESOURCE ECONOMICS
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Human Resource Economics
1. Explain how employers and job seekers (employees) agree upon the combination of
risk of injury and wage rate. Be sure to use graphs and explain each component.
The incidence of injuries from work and duration to be taken to recover from the injury is
dependent on both the employer and the employees. Both employer and the employee agree on
the compensation terms in the case of the absence of insurance. However, the benefit levels and
the ratings involving the extent of experience affects the rate of injury compensation from the
employer to the employee (Marcum et al., 2018). The exposure to the rate of risk of injury
determines the wage rate of an employee. Thus, wage rates are associated with various injury
risks such as nonfatal accidents, fatal accidents as well as workdays lost due to accidents despite
work rate being influenced by experience and education (Marcum et al., 2018). Hence, there is a
positive relationship between fatal injury and wage rates as opposed to nonfatal injury as a
determinant of the wage rate.
2. Explain the three elements of a compensation plan and why each element is
important.
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Salary/Wages: in a compensation plan, salary is an essential element as it defines the
costs involved in hiring an individual. Salary rates are determined by the level of skills
ECONOMICS 3340 – HUMAN RESOURCE ECONOMICS
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and experience one possesses. Hence, depending on the regular performance and the
employee value-adding to the company, the wage rate is forecasted to rise (Chung, 2019).
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Bonuses: - Bonuses are a form of incentives an employee receive...