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Published in:
2010 | OriginalPaper | Chapter
From Old Pay to New Pay
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The first section of this chapter reviews post-war developments to pay within the UK and multinational firms. It highlights a transition from collectively determined pay arrangements to more recent models of managerially determined pay. A review of empirical data and contemporary theory reveals the pervasiveness of strategic theories of pay, which emphasize the managerial determination of pay for the achievement, primarily, of the managerial ends of enhanced company performance and competitive advantage. Such theories have come to the fore within both theory and practice, and represent the ‘new orthodoxy’ of theory and the ‘received wisdom’ of practice.