Which of the following is needed for an economic contest or tournament to be an effective incentive mechanism that motivates high work effort?

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Human Resources (HR), Resource Management, Hr Strategy

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From the lesson

What Makes Employees Work? Money, Of Course!

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  • Which of the following is needed for an economic contest or tournament to be an effective incentive mechanism that motivates high work effort?

Abstract

Contests are situations in which an individual's reward depends on his performance relative to others. Students are graded on a curve; the candidate with the most votes gets the political office; the underling who performs best is promoted to the executive position. Contests are useful in dealing with indivisible rewards, reducing monitoring costs, and minimizing risks from common uncertainties. They are employed to sort potential participants and, once they have entered, to induce appropriate effort from them. With monitoring precision and prize spreads as potential choice variables, optimal contest structures are derived for fair and unfair contests among equal and unequal participants. The converse problems of climbing-low-ability individuals enter the contest designed for high-ability candidates-and slumming are shown to be manageable.

Journal Information

Current issues are now on the Chicago Journals website. Read the latest issue.Since 1983, the Journal of Labor Economics (JOLE) has presented international research on issues affecting social and private behavior, and the economy. JOLE’s contributors investigate various aspects of labor economics, including supply and demand of labor services, personnel economics, distribution of income, unions and collective bargaining, applied and policy issues in labor economics, and labor markets and demographics.

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Since its origins in 1890 as one of the three main divisions of the University of Chicago, The University of Chicago Press has embraced as its mission the obligation to disseminate scholarship of the highest standard and to publish serious works that promote education, foster public understanding, and enrich cultural life. Today, the Journals Division publishes more than 70 journals and hardcover serials, in a wide range of academic disciplines, including the social sciences, the humanities, education, the biological and medical sciences, and the physical sciences.

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Which of the following is needed for an economic contest or tournament to be an effective incentive mechanism that motivates high work effort?

QN=1When determining the best way to motivate employees, why shouldn't managers rely solely on

HR staff for directions. (check all that apply)

a.Managers know their employees best.

b.People are unique so there are various drivers of motivation.

c.Work can mean different things to different people, so there are various drivers of motivation.

d.It's not a manager's job to motivate workers, they should be self-motivated.

e.HR is just a pencil-pushing function.

QN=2In the video lesson "The Many Meanings of Work," how many different ways of thinking about

work were presented?

a.One

b. Two

c.Five

d.More than five

QN=3True or false: Work is what it is. Some jobs are lousy, but we can't do anything to change that.

a.True

b.False

QN=4Mainstream economic theorizing sees work as a lousy activity that workers tolerate in order to

earn income. One way that work is seen as lousy is as a pain cost (e.g., hot, dangerous, boring, stressful).

A second way is as an _________ cost.

a.pain

b. opportunity

c.real

d.production

QN=5Which of the following is not an example of labor being a derived demand?

a.Offering flexible work schedules because this is what workers with family responsibilities want.

b.Offering flexible work schedules because customers with family responsibilities want extended

hours of operation.

c.Offering flexible work schedules because customers do not expect immediate responses to their

inquiries.

QN=6Which of the following are required for HR to be strategic? (check all that apply)

Which of the following beliefs underlies high road human resource strategies?

An organizational strategy based on low-cost leadership is typically supported by an HR strategy that tries to contain labor expenses and drive workers. QN=18 Which of the following beliefs underlies high-road human resources strategies? a. The interests of an organization and its employees can be aligned.

Which of the following are elements of Taylorism also known as scientific management you must correctly check all that apply note this?

Taylor Advocated the following elements of scientific management. : 1. Work Study, 2. Standardisation of Tools and Equipment, 3. Scientific Selection, Placement and Training, 4. Development of Functional Foremanship, 5.

Which of the following are elements of Taylorism?

There are six elements of scientific management as formulated by Taylor:.
Work Study..
Standardisation of tools and equipment..
Scientific selection, placement and training..
Development of functional foremanship..
Introducing costing system..
Mental system..

Which of the following is not an example of Labor being a derived demand quizlet?

Which of the following is not an example of labor being a derived demand? A. Offering flexible work schedules because this is what workers with family responsibilities want.