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A semi-historical myth is meant to explain how things have come to be as they are now.
Above-Market Compensation
Compensation that exceeds the average pay levels in the relevant industry or sector.
Voluntary Turnover
When an employee decides to leave a company based on personal choice rather than being forced out due to layoffs or termination.
Labor Costs
Labor costs represent the total expenses incurred by employing labor, including wages, salaries, benefits, and taxes, and are a critical factor in the overall cost structure of businesses.
External Inequity
Occurs when employees perceive that their compensation or work conditions are less favorable compared to those in other organizations in the same industry or sector.
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