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Moneyweb presents a useful guide to the terminology commonly used in remuneration discussions and points out that many of these seemingly confusing terms have simple definitions.
The terms explained further are (a) basic salary versus cost to company; (b) guaranteed pay versus variable pay; (c) internal equity versus external equity; and (d) salary structures and pay scales. The article concludes with the following apt quote from Confucius: “Life is really simple, but we insist on making it complicated”. Accordingly, the authors caution not to overcomplicate the simple when it comes to remuneration.
- Read this useful article by Penny Petrou and Michelle Renard at Moneyweb
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