tehokkuusjäykkyyksiä

Tehokkuusjäykkyyksiä, often translated as efficiency rigidities or efficiency wages, are a set of economic theories that propose that firms may voluntarily pay their workers wages higher than the market-clearing level. The primary motivation behind paying these higher wages is to increase worker productivity and thereby reduce the firm's overall costs. This can manifest in several ways.

One key mechanism is through improved worker morale and effort. When employees feel well-compensated, they may be more motivated to perform their jobs diligently, reduce shirking, and exhibit greater loyalty to the company. This increased effort can lead to higher output per worker, offsetting the higher wage cost.

Another aspect is the reduction in labor turnover. Higher wages make it more attractive for employees to stay with their current employer, thus lowering recruitment and training costs associated with frequent hiring and firing. A stable, experienced workforce can also contribute to higher overall efficiency and better quality of work.

Furthermore, efficiency wages can act as a screening mechanism. By offering above-market wages, firms can attract a larger pool of applicants, potentially including more skilled and motivated individuals. This allows the firm to select the best candidates, leading to a more productive workforce from the outset. The theory suggests that the benefits derived from these increased efficiencies can outweigh the direct cost of paying higher wages.