| 单词 | efficiency wages |
| 释义 | efficiency wages Wages which employers prefer to pay even if some workers would be willing to accept less. This concept arises from a model of the labour market in which workers' living standards affect the quantity and quality of work they perform. An employer paying the efficiency wage buys effective units of labour as cheaply as possible; employing workers who would accept less is not worthwhile since they will give less good value for the wages paid. Where ability to work is concerned, the efficiency wage concept only applies when employment is long-term, since casual employees' ability to work depends on their past rather than their future consumption. Wages affect motivation as well as ability, however, and employers may well find that paying wages workers regard as fair is actually more cost-effective than paying lower wages which are regarded as exploitative. Higher wages can also be expected to reduce quits, saving on recruitment and training costs, and reduce shirking and abenteeism. If employers believe that present wages are in fact efficiency wages, this helps to account for the frequent failure of wage rates to fall in spite of large-scale unemployment. |
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