why should you know how much your coworkers get paid?
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Secrecy is a sneaky way for companies to save a lot of money. Keeping salaries secret leads to what economists call “information asymmetry” — a situation where one party has much more information than the other. Just think how much better you could negotiate for a raise if you knew everybody's salary.
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["Identify the employee's original hourly rate.", "Find the employee's new hourly rate and subtract the original rate.", 'Find the number of hours worked after the raise took effect.', 'Multiply the number of hours worked by the difference in the hourly pay rate.']
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In most cases, the average weekly wage is determined by multiplying an employee's daily wage by the number of days worked in a year. That number is then divided by 52 to get the employee's average weekly wage. For example: A full-time employee made $50,000 last year.
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To calculate a bonus for an employee who earns “X” dollars in sales, multiply the sales total by the bonus percentage you established. For example, let's assume Kara was responsible for $50,000 in client sales for the year. If you opt to pay each salesperson 10% of the sales they earn, Kara would have earned $5,000.
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You should also receive a wage statement (pay stub) that includes: your gross and net wage (after deductions), your pay period and your wage rate, if applicable ( e.g. $15/hr). Any deductions, like Employment Insurance, taxes and Canada Pension Plan must be noted.
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Employees are paid for 39 weeks at two rates. During the first six weeks, the employee receive 90% of her average weekly earnings before tax. The average weekly earnings are calculated from the pay received in the eight weeks or two months up to the last pay day before the end of the qualifying week.
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["up to £74.35 a week if you're in the work-related activity group.", "up to £113.55 a week if you're in the support group."]
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Anonymously ask your HR questions here. A: Asking your supervisor for a raise might be the easy part. ... HR should be able to help you. Keep in mind, there often are legitimate reasons for pay differences among peers — experience, performance, education, skills and how the salary was negotiated at the time of hire.
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I recommend putting $0 even if you are employed. If the automated system requires a number, try $1. If HR is asking you, try to defer the question until later in the interview process. If none of these work, then give the salary of your most recent position.
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Multiply your net earnings per pay period times the number of pay periods leading up to a particular date in order to find your net year-to-date income. For example, if at the end of March you have received net income of $2,083.33 per pay period, multiply 6 by 2,083.33 to get a net year-to-date figure of $12,499.98.
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1. They should make pay-for-performance philosophy clear to employees. Employees generally believe that above average performers should receive higher pay increases than average performers. Management, however, may not feel the same as there may not be enough reasons for them to link pay with performance.
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If you are paid every other week then multiply the 40 by 2 & get 80. So if you make $2,000 every other week, divide that amout by 80 and you would get $25 per hour. Annual to hourly: Divide your annual salary by how many hours you work in a year.
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There are a few things you should have on hand to calculate your take-home pay: The amount of your gross pay. If you earn a fixed salary, this is easy to figure out. Just divide the annual amount by the number of periods each year.
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Disclose your current salary and make your case Doing so shows that you're candid and have integrity. Your response could be, “My salary is X, my bonus is typically Y, for a total package of just about Z.” After you share the number, advocate for yourself.
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Applicants “should not disclose their previous salary but instead reframe their answer to express their salary expectations or requirements for the job,” according to Hoy. In other words, tell them what you expect to make, not what you're currently paid.
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Raises can be given annually, based on performance, or individualized. It's important to give employees raise on a regular basis because it shows that you value them and their contributions to the company. A simple pay raise can boost morale, increase employee satisfaction, and encourage hard work.
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The employer will very likely want a specific number, so another strategy is to give them a number or a range. Assuming your target salary is $47,000, you could say: I'm looking for a position which pays between $45,000 and $52,000 for a 35-hour work week.