Work & Pay: key terms, formulas and examples
Work and pay balance fairness and flexibility: wages, overtime, remote or hybrid work and the risk of burnout. High turnover is a costly warning sign.
Example
10 leavers among 100 staff is a 10% turnover rate.
Takeaway
Check workload, pay and flexibility before good people quit.
Key terms
- Minimum wage
- The lowest pay the law allows for work.
- Gig economy
- Work done through short, flexible jobs rather than permanent roles.
- Employee turnover
- Share of employees who leave a company in a period.
- Delegation
- Handing a task and its authority to someone else.
- Severance pay
- Money paid to an employee who loses a job through no fault of their own.
- Remote work
- Doing a job away from the company's office.
- Work-life balance
- Keeping paid work and personal life in healthy proportion.
- Employee engagement
- How committed and motivated people feel at work.
- Flextime
- Letting employees choose when they work within limits.
- Job satisfaction
- How content people are with their work.
- Burnout
- Exhaustion from long-term stress at work.
- Collective bargaining
- Employers and unions negotiating terms.
- Overtime
- Work beyond regular hours.
- Hybrid work
- A mix of office and remote days.
- Team building
- Activities that strengthen working relationships.
Formulas
Absenteeism rateA ÷ (E × W) × 100
Take-home payG × (1 − t)
Annual pay from hourly wagew × h × 52
ProductivityO ÷ H
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