09 October 2008

Confronting the Last Taboo: Pay

A renowned economist pulls the lid off the last thing many of us will talk about in public

A GMJ Q&A with Alan Krueger, Bendheim Professor of Economics and Public Affairs at Princeton University
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Leading economist Alan Krueger argues that companies can get away with paying lower wages than competitors without losing many employees, though there are hidden costs. He also says that organizations are right to keep pay a secret.
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Reader Comments
Bill Reid Posted On 10/9/2008 4:32:06 PM

This article was fascinating. This makes a great case for Behavioral Economics as employees clearly don't make purely rational decisions about staying or leaving an employer. They are almost always working with imperfect information.

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Paul Schlehr Posted On 10/26/2008 10:09:43 AM

When a well qualifies and experienced worker applies to a company (due to family mover or stress at another employer) comparable compensation should be offered, too much no respect poor work performance, too little the employee compensates by poor attitude or theft of time / materials. Company reputation among employees is very important and must be earned to get the best performance / respect from the work force, individually and collectively. I learned these facts as an employee at a large company, and as a manager at small company in the communications field. and also found them true in 20 years in the US Navy.

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See also
Investors and Consumers: Don't Panic
Half of Americans Say They Are Underpaid
The Problem of Pay

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