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Piece Rate
A payment method where workers are compensated based on the amount of work completed or products produced, rather than receiving a fixed hourly wage.
Wage Compression
A situation where differences in wages among employees in an organization become minimized, often due to external wage pressures or internal pay equity initiatives.
External Equity
The perception of fairness in compensation when comparing one's salary and benefits to those in similar positions in other organizations.
Internal Equity
The principle of ensuring that employees who perform similar jobs or have comparable skills and responsibilities within an organization are paid equitably.
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