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Why do wages differ among different industries?
Among them are (1) differing levels of skills among workers in given occupations, (2) degree of workers’ exposure to unpleasant, risky, or hazardous workplace conditions, and (3) the use of wage differentials to reduce employee turnover, absenteeism, or shirking. …
Why do jobs are even the same type of job at different companies have different rates of pay?
Even within the same occupation, workers may have varying jobs and responsibilities. Those with greater responsibility may receive greater remuneration than those with less responsibility, or whose jobs involve less complex tasks.
Why do people have different salaries?
The location you are posted in makes a lot of difference to how much you are paid. Salaries for the same position will vary across different towns and cities because they take into account differences in the cost of living. Pay packets are also influenced by years of experience in the industry.
Why some jobs pay more than others?
Why do some jobs pay more than others? Pay is just the price of labor, so like all prices, it’s determined by demand and supply forces. Employer demand depends on how much value the job creates. So a high-value high-skill job pays very well (doctor), while a low-value low-skill job (fast food worker) pays very little.
Why are salaries different in different states?
Some states or areas have higher wages than others for jobs in an occupation. Local demand for the work and cost of living are among the geographic factors affecting wages. Success and performance. Workers whose pay depends on their job performance also might have very high wages or very low wages.
Why should wages differ?
Why wages differ? Reasons for differences in remuneration: Demand factors: Firms producing goods and services which are high in demand usually pay better remunerations to their workers. Supply factors: Industries where there is a shortage of workers will usually pay higher remuneration to attract workers.
Why do some jobs pay more than others?