What does comparable worth mean. Comparable Worth legal definition of Comparable Worth 2019-01-10

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What does comparable with mean? definition, meaning and pronunciation (Free English Language Dictionary)

what does comparable worth mean

Women have endured centuries of devaluation, and the devaluation is reflected in the value attached to work traditionally performed by females. Legal Status of Comparable Worth Despite the appeal of the comparable worth notion, laws to regulate this concept have made minimal progress in the United States. Not only is the current system unjust to women, these advocates argue, but it also imposes significant costs on society. Certain Canadian jurisdictions have pay equity legislation while others do not, hence the necessity of distinguishing between pay equity and pay equality in Canadian usage. Since President signed the , it has been illegal in the United States to pay men and women working in the same place different salaries for similar work. Criticisms of Comparable Worth Critics have raised several objections to the comparable worth principle. Politicians are especially fond of comparable worth.

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comparable worth

what does comparable worth mean

If the intrinsic value is higher than the market value, the stock is undervalued. Many are in jurisdictions which limit the freedom of their union to bargain over wages or to strike. The job evaluations yield a point total for each job, which is used to determine employee compensation. In 1979, the Minnesota Department of Finance completed a study that included an evaluation of state and local government jobs. Should public and private employers restructure their wage scales, at some costs to themselves--and possibly to society at large--in order to achieve just compensation based on the comparable worth doctrine? They argue that employers, not the courts or legislatures, should set wages and that sufficient legislation is already in place to prevent discrimination based on sex. The reason for this is not just that they want to pay as little as possible, but because experience has taught them that employees resent radical changes in what they are used to getting relative to their co-workers.

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Comparable Worth Definition

what does comparable worth mean

In 1979, city government workers went on strike to protest wage disparities. That law, referred to as the Pay Equity Act, requires companies with 100 or more employees to conduct a job evaluation to determine whether there is gender discrimination in pay across different jobs. The term comparable worth describes the notion that sex-segregated jobs should be reanalyzed to determine their worth to an employer. Since such a socialist society is not looming on the horizon, how to determine one's needs or one's contributions has not been the subject of intensive analysis. The Fantasy Comparable Worth Controversy At multiple hearings before Congress and other bodies last year opponents of comparable worth described their worse paranoid fantasies about what comparable worth means as though the consequences were inevitable should the simplest study be done.

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Equal Pay Act of 1963 legal definition of Equal Pay Act of 1963

what does comparable worth mean

One of the first things every banker learns is how to do a comp analysis, or comparable company analysis. So you'd have to find out. The official website of the Presidency of the Italian Republic. Women's rights advocates and leaders were inspired by these bold federal acts and sought to extend them. Traditionally, the job of a licensed practical nurse has been held mostly by women, and the job of a licensed electrician mostly by men. Analysts compile a list of available statistics for the companies being reviewed and calculate the valuation multiples in order to compare them.

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Comparable Worth

what does comparable worth mean

If you stick me down in the middle of Bangladesh or Peru or someplace, you find out how much this talent is going to produce in the wrong kind of soil. Specifically, there may be bias in terms of the information collected about jobs, the choice of factors used to evaluate jobs i. For commuting distance I believe 50 miles is generally considered comparable, but even then there might be exceptions to favor the employee say, if the 50 miles were over water or a mountain range. In addition to intrinsic valuation, analysts like to confirm cash flow valuation with relative comparisons, and these relative comparisons allow the analyst to develop an industry benchmark or average. Like school bussing and affirmative action, comparable worth is a strategy that attempts to correct past injustices. In the early twenty-first century, comparable worth legislation was introduced in over half the state legislatures. Proponents agree that companies are entitled to their own unique value system, but argue that it should not systematically discriminate against women by citing irrelevant factors.

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Comparable Worth, by June Ellenoff O'Neill: The Concise Encyclopedia of Economics

what does comparable worth mean

Inequitable wages, they maintain, like environmental pollution, cost society millions of dollars and are mostly financed by higher taxes. All job evaluations do is quantify what a job is worth to an employer compared to other jobs according to criteria that have been agreed upon as important to that employer. Comparable Worth and Wage Discrimination. Thus to admit that women's jobs have been underpaid relative to men's affects morale as well as the bottom line. If the intrinsic value is higher than the market value, the stock is undervalued. The assertion that women are illegally underpaid relative to men has become the latest tool in the arsenal of employee organizations whose members are mostly women, of feminists seeking to increase women's economic resources and of politicians seeking their support.

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Comparable

what does comparable worth mean

Some critics of comparable worth maintain that wage fairness is achieved by allowing free-market forces to set the value of jobs. In 1983 federal District Judge Jack E. Opponents in turn characterize it as everything from a reactionary measure which will co-opt the push by women into traditionally male jobs by paying them to stay in their place, to an attempt to radically restructure the economy and abolish the free market. Each job is assigned a quantitative value reflecting its worth to the organization. In 1980, the same women, now aged 45 to 54, were earning only 54 percent as much as men in the same age group. Liechtenstein Equal pay for equal work included in the civil code. Proponents of comparable worth believe that most of the gender gap in wages is caused by discrimination.

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What constitutes salary? [Archive]

what does comparable worth mean

Norway The 1978 Act on Gender Equality. This means that an employer may not discriminate between employees on the basis of sex by paying lower wages to women who perform the same work as men. Should a truck driver earn more than a telephone operator, or an engineer more than a librarian? But this argument, which was valid in the past, has lost force over time as barriers have eroded. The prospect of high profits would attract other firms to the industry. France The 1946 Constitution and Articles L. Many jobs are segregated by sex.

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Comparable Company Analysis

what does comparable worth mean

The study finally recommended that the state take several courses of action: 1 establish comparable worth considerations for female- dominated jobs; 2 set aside money to ameliorate the pay inequity; 3 encourage affirmative action for women and minorities and 4 continue analyzing the situation to improve it. Pay equity is a growing movement that builds on progress made in the 1980s. But implementation of comparable worth risks imposing new costs on society, and raises new questions. The amandment is a law on equal pay certification and was put into effect on January 1 in 2018. To explore this question it is necessary to ask it on two separate planes which have virtually nothing to do with each other: the practical and the theoretical. Comparable worth is one of those complex political issues which, unscrutinized, has something to offer everyone, friends and foes alike. The job evaluations yield a point total for each job, which is used to determine employee compensation.

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What constitutes salary? [Archive]

what does comparable worth mean

The limitations of the Equal Pay Act has led a number of commentators to criticize its provision and the application of the act in the courts. The reality is that most large employers have done job evaluations at onetime or other to determine wage rates. To work, it is necessary that representatives of each relevant unit of management and labor reach a consensus on the factors that are important in each job to a particular employer and what their relative value is. Now, am I going to try to come up with some comparable worth system that somehow re distributes that? Massive economic dislocations would follow, possibly causing a severe recession, putting many people out of work, and driving some companies out of business. Should the person not accept the offer because it's considered too low, is unemployment forfeit? If you're a marvelous teacher, this world won't pay a lot for it.

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