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Author: MacLeod, W. Bentley
Resulting in 2 citations.
1. MacLeod, W. Bentley
Parent, Daniel
Job Characteristics and the Form of Compensation
Olin Working Paper No. 99-10, University of Southern California Law School, May 1999.
Also: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=167570
Cohort(s): NLSY79
Publisher: University of Southern California Law School
Keyword(s): Current Population Survey (CPS) / CPS-Fertility Supplement; Job Characteristics; Labor Economics; Panel Study of Income Dynamics (PSID); Quality of Employment Survey (QES); Wage Models

Permission to reprint the abstract has not been received from the publisher.

In this paper we introduce a way to systematically organize the choice between different forms of compensation based upon observable job characteristics. Secondly, we explore the determinants of compensation based upon questionnaire responses concerning job characteristics and methods of pay contained in the Quality of Employment Survey (QES), the National Longitudinal Survey of Youth (NLSY), the Panel Study of Income Dynamics (PSID), and the Current Population Survey. The main conclusion is that there is no single model of the employment relationship that can explain the variation in compensation form. We draw upon both agency and incomplete contract models to study the interplay between job characteristics and compensation. Specific results include a) the number of tasks seems to be associated with the use of incomplete contracts; b) jobs with high power incentives (piece or commission rates) tend to be associated with more worker autonomy and fewer tasks performed than hourly paid or salary jobs; c) tight labor market conditions tend to be associated with increased use of bonuses and promotions.
Bibliography Citation
MacLeod, W. Bentley and Daniel Parent. "Job Characteristics and the Form of Compensation." Olin Working Paper No. 99-10, University of Southern California Law School, May 1999.
2. MacLeod, W. Bentley
Parent, Daniel
Job Characteristics, Wages, and the Employment Contract
Federal Reserve Bank of St. Louis Review 81,3 (May-June 1999): 13-27.
Also: http://ideas.repec.org/a/fip/fedlrv/y1999imayp13-27n3.html
Cohort(s): NLSY79
Publisher: Federal Reserve Bank of St. Louis
Keyword(s): Panel Study of Income Dynamics (PSID); Wages

Permission to reprint the abstract has not been received from the publisher.

Part of a special issue on labor markets and macroeconomics explores some of the determinants of compensation in the U.S. Compensation models are developed that make predictions grounded in observed job characteristics and attempt to demonstrate how compensation form may react to changes in both the nature of work and labor-market conditions. Data are drawn from the National Longitudinal Survey of Youth and from the Panel Study on Income Dynamics. Findings reveal that compensation systems depend on explicit performance measures when these accurately measure the contribution of work. Findings also reveal that the amount of bonus pay depends on the condition of the local labor market.
Bibliography Citation
MacLeod, W. Bentley and Daniel Parent. "Job Characteristics, Wages, and the Employment Contract." Federal Reserve Bank of St. Louis Review 81,3 (May-June 1999): 13-27.