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Personnel Policies at the Union Bank of Australia: Evidence from the 1888-1900 Entry Cohorts

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  • Seltzer, Andrew
  • Merrett, David T

Abstract

This article uses personnel, payroll, and other records from the Union Bank of Australia to examine internal labor markets. It is shown that employment was characterized by limited ports of entry, impersonal rules for pay and promotion, well-defined career ladders, shielding from the external labor market, and a long-term employment relationship. In addition tenure within the bank was rewarded considerably more than experience elsewhere, and compensation increased considerably after 25-30 years tenure. These facts are partially consistent with the human capital, matching, and contract theory models but cannot be fully explained by any one model. Copyright 2000 by University of Chicago Press.

Suggested Citation

  • Seltzer, Andrew & Merrett, David T, 2000. "Personnel Policies at the Union Bank of Australia: Evidence from the 1888-1900 Entry Cohorts," Journal of Labor Economics, University of Chicago Press, vol. 18(4), pages 573-613, October.
  • Handle: RePEc:ucp:jlabec:v:18:y:2000:i:4:p:573-613
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    References listed on IDEAS

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    1. Mary MacKinnon, 1996. "New Evidence on Canadian Wage Rates, 1900-1930," Canadian Journal of Economics, Canadian Economics Association, vol. 29(1), pages 114-131, February.
    2. Jovanovic, Boyan, 1979. "Job Matching and the Theory of Turnover," Journal of Political Economy, University of Chicago Press, vol. 87(5), pages 972-990, October.
    3. Lazear, Edward P, 1979. "Why Is There Mandatory Retirement?," Journal of Political Economy, University of Chicago Press, vol. 87(6), pages 1261-1284, December.
    4. H. M. Boot, 1991. "Salaries and career earnings in the Bank of Scotland, 1730-1880," Economic History Review, Economic History Society, vol. 44(4), pages 629-653, November.
    5. Murphy, Kevin M & Welch, Finis, 1990. "Empirical Age-Earnings Profiles," Journal of Labor Economics, University of Chicago Press, vol. 8(2), pages 202-229, April.
    6. Holmstrom, Bengt & Milgrom, Paul, 1991. "Multitask Principal-Agent Analyses: Incentive Contracts, Asset Ownership, and Job Design," Journal of Law, Economics, and Organization, Oxford University Press, vol. 7(0), pages 24-52, Special I.
    7. Jacob Mincer, 1958. "Investment in Human Capital and Personal Income Distribution," Journal of Political Economy, University of Chicago Press, vol. 66, pages 281-281.
    8. George Baker & Michael Gibbs & Bengt Holmstrom, 1994. "The Internal Economics of the Firm: Evidence from Personnel Data," The Quarterly Journal of Economics, Oxford University Press, vol. 109(4), pages 881-919.
    9. Malcomson, James M, 1984. "Work Incentives, Hierarchy, and Internal Labor Markets," Journal of Political Economy, University of Chicago Press, vol. 92(3), pages 486-507, June.
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