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Problem Based Learning - 4 December 2006
Fat Cat Pay - worth every million?
This Problem Based Learning (PBL) activity looks at the issue of pay and rewards for labour. The end of the year is referred to as the bonus season in many major financial districts in the world. It is a time where some workers will get bonuses that are worth more than most people earn in ten years. Does the work they do justify these large sums of money that are paid? What about top executives in business? They get very large sums in bonuses but in some cases, their salary is not that big (relatively speaking). This is a chance to explore your understanding of the labour market and some of these issues surrounding pay.
Learning Objectives
At the end of this PBL activity, students might have covered some of the following areas:
- Factors influencing the demand and supply of labour
- The determination of wages
- Different remuneration methods
- Theories of motivation at work
- The role and importance of pay in incentivising workers
- Ethical considerations in setting pay levels for top executives
- How do we place a value on the work done by an individual?
- Labour and value added - marginal revenue product
- Who pays for bonuses?
- The effects of high bonus payments on the local and national economy
Resources:
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