Personnel Economics: The Economist's View of Human Resources

Personnel economics drills deeply into the firm to study human resource management practices like compensation, hiring practices, training, and teamwork. Why should pay vary across workers within firms—and how “compressed” should pay be within firms? Should firms pay workers for their performance on...

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Bibliographic Details
Published inThe Journal of economic perspectives Vol. 21; no. 4; pp. 91 - 114
Main Authors Lazear, Edward P., Shaw, Kathryn L.
Format Journal Article
LanguageEnglish
Published Nashville American Economic Association 01.10.2007
Subjects
Annual reports
Business economics
Compensation
Economic models
Economic theory
Economics
Economists
Employees
Employment
Human capital
Human resource management
Human resources
Incentive pay
Incentives
Labor economics
Management science
Occupations
Pay for performance
Personnel economics
Personnel management
Productivity
Research trends
Salary
Skills
Studies
Symposium: Human Resource Management
Teams
Teamwork
Wages
Wages & salaries
Workers
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Summary:Personnel economics drills deeply into the firm to study human resource management practices like compensation, hiring practices, training, and teamwork. Why should pay vary across workers within firms—and how “compressed” should pay be within firms? Should firms pay workers for their performance on the job or for their skills or hours of work? How are pay and promotions structured across jobs to induce optimal effort from employees? Why do firms use teams and how are teams used most effectively? How should all these human resource management practices, from incentive pay to teamwork, be combined within firms? Personnel economists offer new tools to analyze these questions—and new answers as well.
Bibliography:ObjectType-Article-2
SourceType-Scholarly Journals-1
ObjectType-Feature-1
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ISSN:0895-3309
1944-7965
DOI:10.1257/jep.21.4.91