Discussion Thread Market Structure

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Jan 9, 2024

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1 John Lytle Liberty University Econ 213 Professor Landry Discussion Thread: Market Structure

2 Discussion Thread: Market Structure Amazon has doubled its maximum base salary for corporate workers to $350,000 from $160,000 and also increased compensation ranges for most jobs globally. This move comes in response to the company's need to attract and retain top talent in a competitive labor market. The compensation package for executives and professionals will still include a two-year signing bonus and restricted stock units that vest over time. The previous cap on base pay was reportedly lower than that of Amazon's peers, hindering the company's staffing efforts. Additionally, the article discusses the need for sustainable compensation programs, Amazon's high departure rate, and the tech industry's increasing demand for better pay and benefits. The article discusses various topics related to compensation and labor market trends, but one microeconomic concept discussed is supply and demand in the labor market. Specifically, the article mentions the competitive labor market and the need for companies like Amazon to increase compensation to attract and retain top talent. This reflects the idea that in a labor market where demand for skilled workers exceeds supply, companies may need to offer higher salaries and benefits to attract and retain workers. Additionally, the article discusses the impact of compensation structures on employee retention and turnover, which also relates to supply and demand in the labor market. In my opinion, the recent development is a positive one, as it demonstrates an equitable approach to remunerating staff, a reflection of the biblical doctrine of treating laborers with honor and fairness. Creating just incentives for employees is critical to increasing their motivation to work for a company with a growing demand for skilled employees.

3 Some Christians may see this as a positive development, reflecting a fair approach to employee compensation. They may view this as an example of the biblical principle of treating workers with respect and fairness, as outlined in passages such as Colossians 4:1, which states, "Masters, treat your bondservants justly and fairly, knowing that you also have a Master in heaven." Other Christians may be more critical of the article, particularly if they view Amazon's compensation practices as exploitative or harmful to workers. They may see this development as a small step in the right direction but ultimately insufficient and may call for more systemic changes to ensure that all workers treat them with dignity and respect.

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4 Works Cited Miller, S. (2022, February 11). Amazon doubles base pay cap for corporate staff to stay competitive . SHRM. Retrieved March 2, 2023, from https://www.shrm.org/resourcesandtools/hr-topics/compensation/pages/amazon-doubles- base-pay-cap-for-corporate-staff-to-stay-competitive.aspx

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