COMPENSATION AND BENEFIT STRATEGY

Building Market-competitive compensation system: Defining competitiveness

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Presented by

1^st Group

Christianto Utomo 2006498701

Khairil Hanan lubis 2006498885

Gea Aslamiyah 2006498815

Ayu Putri 2006551700

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Supervised by

Dr. Ir. Manerep Pasaribu, MM

Faculty of Economic and Business

Department of Management

Graduate School of Management

Universitas Indonesia

Focus for this Chapter

• Saat ini di dunia nyata membandingkan dan menemukan bahwa orang yang memiliki gelar yang sama di bidang yang sama dari perguruan tinggi yang sama, tawaran yang diterimanya berbeda dari perusahaan ke perusahaan. Apa yang menjelaskan perbedaannya? Apakah Lokasi berpengaruh dan industri yang dimiliki oleh perusahaan-perusahaan yang berbeda memiliki efek terhadap besaran kompensasi.

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• Mengapa perusahaan memberikan penawaran yang identik kepada sebagian besar kandidat? Dan mengapa perusahaan yang berbeda memberikan penawaran yang berbeda?

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• Bab ini membahas pilihan-pilihan ini dan perbedaan apa yang dibuat untuk organisasi khususnya dari sudut pandang ekternal yang mendefinisikan daya saing kompensasi. Hal lain yang menjadi kesulitan saat ini adalah kenyataan keputusan pembayaran tidak selalu sesuai dengan teori.

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Source : Milkovich, G., Newman, J., Gerhart, B. (2019). Compensation (12^th edition) Chapter 7

COMPENSATION STRATEGY: EXTERNAL COMPETITIVENESS

Source : Milkovich, G., Newman, J., Gerhart, B. (2019). Compensation (12^th edition) Chapter 7

External competitiveness dipraktekan dalam bentuk

(1) Menetapkan tingkat gaji di atas, di bawah, atau sama dengan pesaing.

(2) Menentukan campuran atau gabungan bentuk pembayaran relatif terhadap pesaing.

External competitiveness : Melihat perbandingan komben di luar organisasi—perbandingan dengan pemberi kerja lain yang mempekerjakan orang dengan keterampilan yang sama

Notes:

External competitiveness mengacu pada hubungan gaji/ pembayaran antara organisasi dan gaji organisasi relatif terhadap pesaingnya.

Pay level mengacu pada hubungan gaji antara organisasi-gaji organisasi relatif terhadap para pesaingnya: (base + bonuses + benefits + value of stock holdings) / number of employees

Pay forms/Mix adalah berbagai jenis pembayaran, atau campuran pembayaran, yang membentuk kompensasi total.

Baik pay level dan pay mix pada External competitiveness keputusannya akan berfokus pada dua tujuan:

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1. Control costs and increase revenues 

2. Attract and retain employees.

External competitiveness :

• Pay Level, memiliki dampak yang signifikan terhadap pengeluaran. Semakin tinggi Pay Level atau tingkat gaji tenaga kerja , semakin tinggi biaya tenaga kerja.
• Membayar karyawan di atas pasar bisa menjadi strategi yang efektif atau tidak efektif. Itu semua tergantung pada apa yang organisasi dapatkan sebagai imbalannya.

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Source : Milkovich, G., Newman, J., Gerhart, B. (2019). Compensation (12^th edition) Chapter 7

Labor costs (pay level) times (number of employees)

Source : Milkovich, G., Newman, J., Gerhart, B. (2019). Compensation (12^th edition) Chapter 7

Control Costs and Increase Revenues

• Pengusaha yang berbeda menetapkan tingkat gaji yang berbeda; yaitu, mereka dengan sengaja memilih untuk membayar di atas atau di bawah apa yang orang lain bayar untuk pekerjaan yang sama
• Tidak hanya tarif yang dibayarkan untuk pekerjaan serupa yang bervariasi di antara pemberi kerja, tetapi satu perusahaan dapat menetapkan tingkat pembayaran yang berbeda untuk keluarga pekerjaan yang berbeda
• Tujuan hal ini tidak lain adalah menarik dan Mempertahankan Karyawan yang Tepat, menghemat biaya perekrutan dan pelatihan perusahaan

Attract and Retain the Right Employees

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WHAT SHAPES EXTERNAL COMPETITIVENESS?

Gambar 1. Faktor yang membentuk daya kompetitif eksternal

Source : Milkovich, G., Newman, J., Gerhart, B. (2019). Compensation (12^th edition) Chapter 7

Gambar 1 menunjukkan faktor-faktor yang mempengaruhi keputusan pay level atau tingkat pembayaran dan mix atau campuran. Faktor-faktor tersebut meliputi :

>Persaingan di pasar tenaga kerja untuk orang-orang dengan berbagai keterampilan;

>Persaingan di pasar produk dan jasa, yang mempengaruhi kondisi keuangan organisasi;

>Karakteristik unik untuk setiap organisasi dan karyawannya, seperti strategi bisnis, teknologi, dan produktivitas serta pengalaman tenaga kerjanya.

Faktor-faktor ini secara bersama akan mempengaruhi keputusan tingkat pembayaran dan campuran pembayaran .

LABOR MARKET FACTORS

• Para ekonom menggambarkan proses penawaran dan pencarian pekerjaan dengan dua model tipe dasar layaknya di pasar: The quoted price dan Bourse.
• The quoted price/ penawaran diawal : mencantumkan upah awal pembukaan pekerjaan.
• Bourse atau Bursa memungkinkan tawar-menawar atas syarat dan ketentuan sampai kesepakatan tercapai; eBay adalah contoh sebuah bursa.
• Baik Model bursa maupun penawaran diawal , pengusaha adalah pembeli dan calon karyawan adalah penjualnya. Jika bujukan (kompensasi total) yang ditawarkan oleh majikan dan keterampilan yang ditawarkan oleh karyawan dapat diterima bersama, kesepakatan dibuat.

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How Labor Markets Work ?

(Pasar Tenaga Kerja dan ketrampilan)

Pengusaha selalu berusaha untuk memaksimalkan keuntungan.

Orang-orang itu homogen dan karena itu dapat dipertukarkan

Tingkat pembayaran mencerminkan semua biaya yang terkait dengan pekerjaan (misalnya, upah pokok, bonus, liburan, tunjangan, bahkan pelatihan).

Pasar yang dihadapi oleh pemberi kerja bersifat kompetitif, sehingga tidak ada keuntungan bagi satu pemberi kerja untuk membayar di atas atau di bawah harga pasar.

Source : Milkovich, G., Newman, J., Gerhart, B. (2019). Compensation (12^th edition) Chapter 7

Gambar 2. Supply dan Demand Lulusan Sekolah Bisnis dalam Jangka Pendek

• Gambar 2. Menjelaskan menunjukkan ilustrasi sederhana tentang Permintaan dan pesokan/Supply untuk lulusan sekolah bisnis. Sumbu vertikal mewakili tingkat pembayaran dari $25.000 hingga $80.000 per tahun. Sumbu horizontal menggambarkan jumlah lulusan sekolah bisnis di pasar.
• Garis “Permintaan” mewakili total preferensi perekrutan semua pemberi kerja untuk lulusan bisnis di berbagai tingkat gaji. Hanya sejumlah kecil lulusan bisnis yang akan dipekerjakan dengan harga $80.000 karena hanya beberapa perusahaan yang mampu membelinya.Dengan melihat baris berlabel “Supply/Pasokan", kami melihat bahwa tidak ada cukup lulusan bisnis yang bersedia dipekerjakan dengan harga $25.000.

Labor Demand & Labor Supply�

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Labor Demand Berapa banyak Permintaan lulusan bisnis yang akan dipekerjakan oleh pemberi kerja

Marginal product of labor / Produk marjinal tenaga kerja, adalah output tambahan yang terkait dengan mempekerjakan satu orang lagi sementara semua faktor produksi lainnya tetap konstan.

The Marginal revenue of labor / Pendapatan marjinal tenaga kerja adalah pendapatan tambahan yang dihasilkan ketika perusahaan mempekerjakan satu orang lagi sambil menjaga semua faktor produksi lainnya konstan.

Source : Milkovich, G., Newman, J., Gerhart, B. (2019). Compensation (12^th edition) Chapter 7

Seorang manajer yang menggunakan model produk pendapatan marjinal (Marginal revenue of labor) harus melakukan hanya dua hal:

(1) Menentukan tingkat pembayaran yang ditetapkan oleh kekuatan pasar, dan

(2) Menentukan pendapatan marjinal yang dihasilkan oleh setiap karyawan baru. Ini akan memberi tahu manajer berapa banyak orang yang akan dipekerjakan.

Apakah Sederhana ? Tentu saja tidak.

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Labor Supply Berapa banyak pasokan tenaga kerja) adalah jumlah jam kerja(disesuaikan dengan intesitas usaha) 

Model ini mengasumsikan bahwa sejumlah besar orang mencari pekerjaan, bahwa mereka memiliki informasi yang akurat tentang semua lowongan pekerjaan, dan bahwa tidak ada hambatan untuk (diskriminasi, persyaratan perizinan, atau persyaratan keanggotaan serikat pekerja).

MODIFICATIONS TO THE DEMAND SIDE�

Compensating differentials

• Jika suatu pekerjaan memiliki karakteristik negatif—yaitu, jika pelatihan yang diperlukan sangat mahal (contoh sekolah kedokteran), keamanan kerja lemah (pialang saham, CEO), kondisi kerja tidak menyenangkan (pembangunan jalan raya), atau peluang keberhasilannya rendah (olahraga profesional).—maka pemberi kerja harus menawarkan upah yang lebih tinggi untuk mengimbangi fitur-fitur negatif ini
• Perbedaan kompensasi tersebut menjelaskan adanya berbagai tingkat pembayaran di pasar. Meskipun gagasan itu menarik, sulit untuk didokumentasikan, karena kesulitan dalam mengukur dan mengendalikan semua faktor yang masuk ke dalam perhitungan keuntungan bersih.

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Modifikasi dari sisi labor demand (permintaan tenaga kerja) melihat tiga modifikasi model yang membahas fenomena ini: perbedaan kompensasi, upah efisiensi, dan pensinyalan (compensating differentials, efficiency wage, and signaling)

Source : Milkovich, G., Newman, J., Gerhart, B. (2019). Compensation (12^th edition) Chapter 7

MODIFICATIONS TO THE DEMAND SIDE

Efficiency Wage theory

According to efficiency-wage theory, high wages may increase efficiency and actually lower labor costs if they:

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• Attract higher-quality applicants.
• Lower turnover
• Increase worker effort
• Reduce “shirking” (what economists say when they mean “screwing around”) The higher the wage, the less likely it is that an employee would be able to find another job that pays as well
• Reduce the need to supervise employees (academics say “monitoring”)

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utility theory can help compare the costs and benefits of different pay level policies

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An organization’s ability to pay is related to the efficiency wage model. Firms with greater profits than competitors are able to share this success with employees

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Rent is a return (profits) received from activities that are in excess of the minimum (pay level) needed to attract people to those activities

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Sorting and Signalling

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Signalling is a closely related

process that underlies the sorting effect. Signalling theory holds that employers deliberately

design pay levels and mix as part of a strategy that signals to both prospective

and current employees the kinds of behaviors that are sought

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A policy of paying below the market for base pay yet offering generous bonuses or

training opportunities sends a different signal, and presumably attracts different people,

than does a policy of matching the market wage and offering no performance-based pay.

An employer that combines lower base pay with high bonuses may be signalling that it

wants employees who are risk takers

Job Competition

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Job requirements may be relatively fixed. Thus, workers may compete for jobs based on their qualifications, not based on how low of a wage (wage competition) they are willing to accept. Thus, wages are sticky downward.

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As hiring difficulties increase,

employers should expect to

spend more to

(a) train new hires,

(b) to increase compensation, or

(c) search/recruit more.

Source : Milkovich, G., Newman, J., Gerhart, B. (2019). Compensation (12^th edition) Chapter 7

MODIFICATIONS TO THE SUPPLY SIDE (ONLY TWO MORE THEORIES TO GO)

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Reservation Wage : The theory seeks to explain differences in workers’ responses to offers. Reservation levels likely exist for pay forms, too, particularly for health insurance.

The theory of human capital, perhaps the most influential economic theory for explaining pay-level differences, is based on the premise that higher earnings flow to those who improve their potential productivity by investing in themselves (through additional education, training, and experience)

Source : Milkovich, G., Newman, J., Gerhart, B. (2019). Compensation (12^th edition) Chapter 7

PRODUCT MARKET FACTORS AND ABILITY TO PAY

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Product Demand

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If the employer pays above the maximum, it must either pass on to consumers the higher pay level through price increases or hold prices fixed and allocate a greater share of total revenues to cover labor costs

Degree of Competition

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The technologies employed and consumer preferences may vary among auto manufacturers, but the differences are relatively small compared to the differences between the technology and product demand of auto manufacturers versus those of the oil or financial industry

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A Different View: What Managers Say

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What managers say that they would do in a hypothetical situation is not necessarily what they would do when they actually experience a situation. Nor are their views or decisions necessarily the same as those of managers in other companies that do things differently. In this same vein, what managers think is not always what their employees think. The unemployment rate is higher than it has been in two decades and companies are indeed making pay cuts, either outright or by requiring employees to take days off (often called furloughs) without pay

Segmented Supplies of Labor and (Different) Going Rates

People Flow to the Work

Work Flows to the People—On-Site, Off-Site, Offshore

Source : Milkovich, G., Newman, J., Gerhart, B. (2019). Compensation (12^th edition) Chapter 7

• Reality is complex and theories abstract
• The segmented sources of labor means that determining pay levels and mix increasingly requires understanding market conditions in different, even worldwide, Locations
• Managers also need to know the jobs required to do the work, the tasks to be performed, and the knowledge and behaviors required to perform them

ORGANIZATION FACTORS

Industry and Technology

The industry in which an organization competes influences the technologies used.

Labor intensive industries such as education and health care tend to pay lower than technology-intensive industries such as petroleum or pharmaceuticals, whereas professional services such as consulting firms pay high. In addition to differences in technology across industries affecting compensation, the introduction of new technology within an industry influences pay levels.

People References

Better understanding of employee preferences is increasingly important in determining external competitiveness. Markets, after all, involve both employers’ and employees’ choices

Organization Strategy

The observable benefits of higher wages may include: higher , pay satisfaction, improved attraction and retention of employees, and higher quality, effort, and/or performance

Employer Size

Relationship between organization size, ability to pay, and pay level is consistent with economic theory that says that talented individuals have a higher marginal value in a larger organization because they can influence more people and decisions, thereby leading to more profits.

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Source : Milkovich, G., Newman, J., Gerhart, B. (2019). Compensation (12^th edition) Chapter 7

RELEVANT MARKETS

Defining The Relevant Market

relevant markets is a big part of figuring out how and how much to pay

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e-Compensation

Select several companies that you believe might be labor market competitors

(e.g., Microsoft, Oracle, IBM; or Johnson & Johnson, Merck, Pfi zer). Compare their job postings on their Web sites. Do any of the companies list salaries for their jobs? Do they quote a single salary? Do they allow room for haggling?

The data from product market competitors (as opposed to labor market competitors) are likely to receive greater weight when:

1. Employee skills are specific to the product market (recall the differences in Boeing millwrights versus GE locomotive millwrights).

2. Labor costs are a large share of total costs.

3. Product demand is responsive to price changes. That is, people won’t pay $4 for a bottle of Leinenkugel; instead, they’ll go to Trader Joe’s for a bottle of Charles Shaw wine, a.k.a. “two-buck Chuck” (the best $2 wine we have ever tasted)

4. The supply of labor is not responsive to changes in pay (recall the earlier low-wage, low-skill example).

Globalization of Relevant Labor Markets:

Offshoring and Outsourcing

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Source : Milkovich, G., Newman, J., Gerhart, B. (2019). Compensation (12^th edition) Chapter 7

COMPETITIVE PAY POLICY ALTERNATIVES

What Difference Does the Pay-Level Policy Make?

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The basic premise is that the competitiveness of pay will affect the organization’s ability to achieve it compensation objectives, and this in turn will affect its performance.

Pay with Competition (Match)

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A pay-with-competition policy tries to ensure that an organization’s wage costs are approximately equal to those of its product competitors and that its ability to attract applicants will be approximately

equal to its labor market competitors

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Source : Milkovich, G., Newman, J., Gerhart, B. (2019). Compensation (12^th edition) Chapter 7

Lead Pay-Level Policy

Fairness/justice perceptions (how much they receive) and procedural (what process was used to decide how much), matter

Research suggests that high pay levels reduce turnover and absenteeism

High pay levels only have beneficial effects on performance when the pay level itself depends on performance

Force the employer to increase wages of current employees to avoid internal misalignment and murmuring.

A lead policy may mask negative job attributes that contribute to high turnover later on (e.g., boring assignments or hostile colleagues)

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Maximizes the ability to attract and retain quality employees and minimizes employee dissatisfaction with pay.

Negative effects:

Source : Milkovich, G., Newman, J., Gerhart, B. (2019). Compensation (12^th edition) Chapter 7

Other Competitive Pay Policy

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Not by Pay Level Alone: Pay-Mix Strategies

Some obvious alternatives include performance driven, market match, work/life balance, and security. Incentives and stock ownership make up a greater percent of total compensation in performance-driven policies.

Lag Pay-Level Policy

if a lag pay-level policy is coupled with the promise of higher future returns (e.g., stock ownership in a high-tech start-up firm), this combination may increase employee commitment and foster teamwork

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Different Policies for Different Employee Groups

Many employers adopt different policies for different business units that face very different competitive conditions

Source : Milkovich, G., Newman, J., Gerhart, B. (2019). Compensation (12^th edition) Chapter 7

Pay Mix Choice

Pitfalls of Pies

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The possible volatility in the value of different pay forms needs to be anticipated. Volatility of stock value could changes the total pay mix.

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Keep in mind that the mix employees receive differs at different levels in the internal job structure.

Employer of Choice/Shared Choice

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Some companies compete based on their overall reputation as a place to work or “employer of choice”, related to employer branding.

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Shared choice begins with the traditional alternatives of lead, meet, or lag. Then adds a second part, to offer employees choices in the pay mix. An example is Netflix. Each November, employees have their performance evaluations. In December, each employee chooses how much compensation to receive in cash and how much to receive in stock options.

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Source : Milkovich, G., Newman, J., Gerhart, B. (2019). Compensation (12^th edition) Chapter 7

CONSEQUENCES OF PAY-LEVEL AND -MIX DECISIONS

Efficiency

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A variety of theories make assumptions about relative pay and efficiency. Some recommend lead policies to diminish shirking and permit hiring better-qualified applicants. Others—such as marginal productivity theory—recommend matching. One study, using utility theory, concluded that a lag pay level policy was the best choice for bank tellers.

Fairness

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Employers have many choices about how and where to invest their resources. Even if the decision is made to invest in improving people’s feelings about fairness of their pay, there is little research to tell us this will improve employees’ overall feeling about fair treatment in the workplace.

Compliance

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The employer must pay at or above the legal minimum wage. Pensions and health care are considered part of every citizen’s economic security and are regulated to some degree in most countries. Employers must also exercise caution when sharing salary information to avoid antitrust violations.

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Source : Milkovich, G., Newman, J., Gerhart, B. (2019). Compensation (12^th edition) Chapter 7

Case Study: Two-Tier Wages

• U.S. automakers are counting on two-tier wage structures to control labor costs over the next several years. A two-tier wage structure allows a company to pay new hires at a lower wage.
• The average hourly labor cost for Tier 1 workers at a GM plant is about $56 versus $33 for Tier II workers.
• The contract reached between GM and the United Autoworkers (UAW) in late 2011 will increase the wages of Tier II workers. So, that change will increase labor costs. However, Tier II worker pay will still be substantially lower than for Tier II workers, meaning that average labor costs for GM will fall relative to current levels every time a Tier I worker leaves and every time a Tier II worker is hired.

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• At the GM plant in Orion Township, Michigan, about 100 workers are not GM employees but rather employees of an outside supplier.
• Their average hourly labor cost is about $20 per hour, lower not only than that of Tier I GM workers, but also lower than Tier 2 GM workers.
• GM is expected to be able to reduce the labor cost per vehicle from $1,160 at a now typical GM plant to $710 per vehicle.

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Source : Milkovich, G., Newman, J., Gerhart, B. (2019). Compensation (12^th edition) Chapter 7

Summary

The external competitiveness policy—pay level and mix of pay forms—has profound consequences on the organization’s objectives. More research is needed to guide us in making decisions.

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Source : Milkovich, G., Newman, J., Gerhart, B. (2019). Compensation (12^th edition) Chapter 7

Does Industry Affiliation Influence Wages?�Evidence from Indonesia and the Asian Financial Crisis

Mehta, A., & Sun, W. (2013). Does Industry Affiliation Influence Wages? Evidence from Indonesia and the Asian Financial Crisis. World Development, 51, 47–61.

Latar belakang

Penelitian ini berfokus pada pengaruh afiliasi industri dan Asian Financial Krisis (atau Krisis Moneter) di Indonesia pada industri ketenagakerjaan Indonesia. Adanya Krismon berdampak pada perpindahan tenaga kerja, industri, hingga preferensi karyawan yang membuat industri ketenagakerjaan menjadi lebih informal dan tidak terlacak secara tertulis.

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Pemberian upah (wage) di setiap industri berbeda karena berbagai faktor yang mempengaruhinya.

Kondisi ketenagakerjaan Indonesia saat Krismon

Adanya perbedaan ini disebut IWDs (inter-industry wage differentials), atau perbedaan upah antar industri.

Penyebab IWDs sendiri dari berbagai faktor, mulai dari pendidikan, firm size, level profitability, level productivity, dll.

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Minimnya pekerjaan dengan upah yang bagus saat krismon.

Tenaga kerja rela bekerja long-hours.

Pekerja cenderung memilih bekerja di industri yang gajinya besar (manufacture, dll.)

Adanya perubahan demand industri, dimana pekerjaan dengan skill dan gaji rendah mulai ditinggalkan.

Orang-orang cenderung beralih ke self-employment dibanding menganggur. (contoh: membuka UMKM, dll.)

Employers cenderung tidak dapat mempelajari produktivitas karyawan baru pada pekerjaan sebelumnya, mengingat banyaknya pekerja yang bermigrasi untuk mencari pekerjaan, dan tidak adanya jejak tertulis karena tingginya informalitas di pasar tenaga kerja.

Pekerja mengalami desperation sehingga rela mengambil pekerjaan apapun.

Mehta, A., & Sun, W. (2013). Does Industry Affiliation Influence Wages? Evidence from Indonesia and the Asian Financial Crisis. World Development, 51, 47–61.

Rumusan masalah

1. Pekerja yang beralih ke industri dengan upah lebih rendah cenderung tidak memilih transisi ini dibandingkan dengan mereka yang beralih ke sektor dengan upah lebih tinggi

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• Apakah IWD lebih besar di provinsi yang mewajibkan UMR tinggi

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• Apakah IWD didorong oleh kerugian akibat krisis SDM apabila dibandingkan dengan IWD antara pekerja yang baru mengenal suatu industri dengan pekerja yang tidak baru di industri tersebut

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• Apakah IWD memang merupakan bentuk redistribusi rent yang mengalami peningkatan yang disebabkan oleh krisis perdagangan sektor

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Mehta, A., & Sun, W. (2013). Does Industry Affiliation Influence Wages? Evidence from Indonesia and the Asian Financial Crisis. World Development, 51, 47–61.

Hasil dan pembahasan

Penelitian ini menggunakan data dari Indonesia Life Surveys (IFLS). Data yang ada terbagi menjadi beberapa wave, yaitu:

• Wave 1: Data survei 1993 (diambil dari 83% populasi di 13 provinsi terbesar di Indonesia.
• Wave 2: Follow-up survey di tahun 1997
• Wave 3: Follow-up survey di tahun 2000
• Wave 4: Follow-up survey di tahun 2007

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Mehta, A., & Sun, W. (2013). Does Industry Affiliation Influence Wages? Evidence from Indonesia and the Asian Financial Crisis. World Development, 51, 47–61.

Adanya karakteristik karyawan yang tidak terobservasi oleh HR mempengaruhi tinggi-rendahnya IWDs. Hasil yang ditemukan menunjukkan bahwa IWD pada industry-specific human capital dan gender differences sangatlah kuat.

Ditemukan bahwa tingginya upah di sektor utilities disebabkan oleh adanya gold-plating di beberapa sektor terbatas dan adanya implikasi dari upah di sektor agriculture yang mengalami transformasi struktur, migrasi, dll. Hal ini terjadi karena sektor lain seperti manufacturing cenderung lebih diminati.

Hasil penelitian ini menciptakan dua keraguan:

- Pro-manufacturing policy penting untuk pertumbuhan upah (wage-growth).

- Premi upah manufaktur pada data yang digunakan dapat dibedakan dari premi berbasis firm-size. Hal ini menciptakan ambiguitas terkait apakah pemerintah tertarik untuk meningkatkan upah karyawan berdasarkan ukuran perusahaan atau sektor usaha.

Data

Kesimpulannya, demand karyawan sangat berpengaruh pada IWD. Pada saat krismon, karyawan lebih memilih sektor manufacture yang upahnya besar. Hal ini terjadi karena saat krismon, karyawan cenderung harus melakukan survival.

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Mehta, A., & Sun, W. (2013). Does Industry Affiliation Influence Wages? Evidence from Indonesia and the Asian Financial Crisis. World Development, 51, 47–61.

Thanks!