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Oxford Economic Papers 2007 59(Supplement 1):i49-i72; doi:10.1093/oep/gpm030
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© Oxford University Press 2007 All rights reserved

Promotion tournaments and white collar careers: evidence from Williams Deacon's Bank, 1890–1941

Andrew J. Seltzer* and Jeff Frank{dagger}

*Department of Economics, Royal Holloway, University of London, Egham, Surrey, TW20 0EX; e-mail: a.seltzer{at}rhul.ac.uk
{dagger}Royal Holloway, University of London


  Abstract

This paper uses a unique historical dataset constructed from the payroll records of Williams Deacon's Bank to examine career structures in a white collar firm. We examine promotions from the level of clerk to branch manager in the context of the Bank's strong internal labour market. There is evidence the Bank used promotion tournaments with returns to promotion that were inversely related to the probability of promotion. In expectation these returns were relatively constant over an individual's career. There is also evidence that the Bank compensated individuals with pay rises for frequent lateral moves and even demotions. Such moves were designed to discourage dishonest behaviour.

Key Words: JEL classifications: N33 • N34 • J41 • J44.


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