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Wage-Tenure Contracts in a Frictional Labour Market: Firms' Strategies for Recruitment and Retention

  • Margaret Stevens

A common assumption in equilibrium search and matching models of the labour market is that each firm posts a wage, to be paid to any worker hired. This paper considers the implications of firms posting "contracts", in a random matching model with on-the-job search. More complex contracts enable firms to address both recruitment and retention problems by, for example, increasing the wage with tenure. The effect on the labour market is to reduce turnover, below the level required for efficient matching of workers to firms. Copyright The Review of Economic Studies Limited, 2004.

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Article provided by Wiley Blackwell in its journal Review of Economic Studies.

Volume (Year): 71 (2004)
Issue (Month): 2 (04)
Pages: 535-551

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Handle: RePEc:bla:restud:v:71:y:2004:i:2:p:535-551
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  1. Andrews, Martyn & Bradley, Steve & Upward, Richard, 1999. "Estimating Youth Training Wage Differentials during and after Training," Oxford Economic Papers, Oxford University Press, vol. 51(3), pages 517-44, July.
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