Final answer:
Equity theory suggests employees will try to restore balance when perceiving unfairness in reward distribution, except when they decide to look for a new job as it's an escape not a balancing action. Efficiency wage theory posits that higher pay results in higher productivity, associated with employees' desire to maintain their jobs and the benefits they receive.
Step-by-step explanation:
The question involves equity theory, which concerns how individuals perceive fairness in distribution of rewards and their resulting behavior in a workplace context. According to equity theory, when an employee perceives inequity, they may take various actions to restore balance.
This can include increasing effort to match performance, discussing the situation with an employer, reducing effort, or looking for a new job. The exception, or the action not aimed at restoring balance but rather escaping the inequitable situation, would be looking for another job.
Furthermore, the efficiency wage theory brings a different perspective by suggesting that paying workers more can lead to increased productivity, as they recognize their higher salary compared to market conditions and are motivated to maintain their employment status. Employers may pay an efficiency wage to reduce turnover and training costs while benefiting from a motivated workforce.
In the scenario where an employee feels entitled to a bonus but does not receive one, while their coworker does, action 3) (reduce your effort to match your coworker's performance) is also contrary to the efficiency wage theory, where better compensation is linked to improved productivity and quality of work.