5. Economics: Salary benchmarking
Subject: Economics
Resource type: Lesson
Skills: Creativity, Teamwork
Click to download the resource
The Benchmarking Challenge: In this activity, students step into the role of a HR Manager tasked with attracting the right candidates to their vacant job roles. Access our comprehensive resource package, including detailed teacher notes, PowerPoint, student worksheet and answer sheet. Adapt to your classroom’s needs for a dynamic learning experience.
Scenario
Kai is a HR Manager at a large pharmaceutical company, PharmacareUK. He is currently in the process of recruiting for two pharmacologists. Kai needs to understand how he can attract the right talent to these roles. Part of his role looks at undertaking salary benchmarking against similar jobs in the market.
Learning Aim
To be able to understand the role and operation of the labour market, including the determination of wages through supply and demand.
Skills Builder Links
Problem solving step 4
I explore problems by creating different possible solutions.
Creativity step 9
I develop ideas by asking myself questions.
Curriculum Table
| England: The national curriculum (England) | The role of markets Students must know and understand the role and operation of the labour market, including the determination of wages through supply and demand. |
| Scotland: The National 5 Business Management | Economics of the market Theory of supply – supply schedules and supply curves. Determinants of supply – Effects of changes in determinants of supply on quantity supplied. |
| Wales: WJEC GCSE in business specification | Currently, there is no WJEC GCSE economics qualification available. WJEC only provides Economics at A-Level. |