How Are the Wages for Jobs Determined? Why Is This

question 77

Essay

How are the wages for jobs determined? Why is this process important?

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Definitions:

Downsizing

The process of reducing the number of employees within an organization through terminations, retirements, or divestitures as a means of reducing costs.

Offshoring

The practice of relocating business processes or services to another country, often to reduce costs or access skilled labor not available domestically.

Reengineering

A complete review of the organization's critical work processes to make them more efficient and able to deliver higher quality.

Outsourcing

The business practice of hiring a party outside a company to perform services or create goods that traditionally were performed in-house by the company's own employees.