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Historically, wage compression tends to occur when employees in identical jobs (e.g. Financial Analysts) are paid wages based on a broad range, instead of having a designated pay range for each level of a position (e.g. Financial Analyst - Level 1 [Year 1], Financial Analyst - Level 2 [Year 2], etc.).
Base salary is provided for doing the job the employee is hired to do. The size of the salary is determined mainly by 1) the prevailing market salary level paid by other employers for that job, and 2) the performance of the person in the job. Many countries, provinces, states or cities dictate a minimum wage. Employees' individual skills and ...
Lockstep compensation or seniority-based compensation is a system of remuneration in which employees' salaries are based purely on their seniority within the organization. For example, in the legal profession, where this system is most commonly found, all law school graduates hired by a law firm who graduated in the same year receive the same base pay regardless of background, experience, or ...
This is a list of abbreviations used in a business or financial context. ... EFTPOS – Electronic Funds Transfer at Point ... $225K would be understood to mean ...
Business informatics includes information technology, like the relevant portions of applied computer science, to a significantly larger extent than information systems do. Business informatics includes significant construction and implementation-oriented elements. Another thing is one major focus lies in the development of solutions for ...
In a salary sacrifice arrangement an employee gives up the right to part of the cash remuneration due under their contract of employment. Usually the sacrifice is made in return for the employer's agreement to provide them with some form of non-cash benefit. The most popular types of salary sacrifice benefits include childcare vouchers and ...
Some lawmakers — mainly Democrats — have proposed raising the Social Security payroll tax rate from its current 12.4% to 15.6% or more following the trust fund depletion, and then gradually ...
Salary inversion is also common amongst university faculty in certain fields in which the global demand for qualified academics is increasing rapidly. Here, salary inversion occurs when universities lack the resources to raise existing professors' salaries while continuing to hire new faculty, and may legally constitute a form age discrimination .