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1、bri75829_ch14.qxd8/13/087:19PMPage420AttractingandRetainingQualifiedEmployeesCHAPTER14CHAPTEROUTLINEContractingObjectivesTheLevelofPayTheBasicCompetitiveModelHumanCapitalCompensatingDifferentialsCostlyInformationaboutMarketWageRatesInternalLaborMarketsReasonsforLong-TermEmploymentRelati
2、onshipsCostsofInternalLaborMarketsPayinInternalLaborMarketsCareersandLifetimePayInfluenceCostsTheSalary–FringeBenefitMixEmployeePreferencesEmployerConsiderationsTheSalary–FringeBenefitChoiceSummaryandlerO’Neill,asmallinvestmentbankwith171employees,hasfocusedonsmallandmedium-sizedcommercia
3、lbanks.1SandlerhasunderwrittentheirbankSclients’stockswhentheywentpublic,madeamarketforthesebankstocks,re-searchedtheirstocks,tradedtheirbonds,andhelpedthemmergewithandacquireotherbanks.Characterizedas“hard-chargingandscrappy,”withinthisverysmallmarketniche,Sandlerhasbeenabigfish.Atthee
4、ndof2000ithadover1,000clients,generated$100millioninrevenues,andtradedsome$60billionofbonds.Sandlerwasagoodplacetowork.Itwasprofitable.Itpaiditspeoplewell;likemostinvestmentbanks,employeesreceivedlargebonusesbasedontheirproductivityandoverallfirmprofits.Anditwasaclose-knitfirmwherepeoplewo
5、rkedandplayedtogether.Onehundredandforty-eightofits177employeesworkedonthe104thfloorofthesecondWorldTradeCentertowerhitbyterroristattacksonSeptember11,2001.Ofthe83SandleremployeesintheWTCatthetime,only17survived.Twoofthethreeman-agingpartnerswhoranthefirmwerekilled.Fortypercentofitsemplo
6、yeesdied—allof1DetailsofthisexamplearefromK.Brooker(2002),“StartingOver,”Fortune(January21),50–68.bri75829_ch14.qxd8/13/087:19PMPage421Chapter14AttractingandRetainingQualifiedEmployees421itsbondtraders,20ofthe24peoplewhoworkedontheequitydesk,itsentiresyndica-tiondesk,andthethreekeypeopl
7、ewhoranitsinformationandcommunicationssystems.Besideslosingitshardware(includingitsofficesandtheentirecommunicationsnet-workthatconnectedSandlertoWallStreetandmadeitpossibletoexecutetrades)Sandlerlostmuchofitswetware.Theattackdestroyedmuchofthecompany’sknowledge—theircontacts,thewayth