Excerpt from Length of Service and the Operation of Internal Labor Markets Our work on the operation of enterprise internal labor markets has produced very strong evidence that at least the within-grade or within-job fraction of the observed return to years of company service (40 to 80 percent of the total return to company service in the settings for which we have seen data) cannot be explained on the basis of an underlying relationship between service and productivity. Furthermore, we have collected survey data which ...
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Excerpt from Length of Service and the Operation of Internal Labor Markets Our work on the operation of enterprise internal labor markets has produced very strong evidence that at least the within-grade or within-job fraction of the observed return to years of company service (40 to 80 percent of the total return to company service in the settings for which we have seen data) cannot be explained on the basis of an underlying relationship between service and productivity. Furthermore, we have collected survey data which imply that years of service play a significant role in promotion decisions for a very large fraction of our country's workforce; for those employees, the cross - grade or cross - job earnings differential associated with service must also be considered at least in part a return to service per se. It would thus appear that junior workers are typically paid less, and senior workers more, than the value of their marginal product. One might expect this sort of deferred compensation scheme to be accompanied by constraints on firms' ability to cheat workers out of the return promised for the second half of their work lives; we have gathered evidence that senior employees at most u.s. Firms do in fact enjoy substantial protection against being involuntarily terminated. Our results raise the intriguing question of why_senior workers receive higher earnings than their junior peers, even though they are no more productive. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at ... This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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