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Also an increase in the population will result in the faster depletion of natural resources. We can manage our finances more effectively because of the Internet. By whitelisting SlideShare on your ad-blocker, you are supporting our community of content creators. If an employer has to lay off 10 workers, it might simply fire the 10 workers with the lowest levels of seniority. Advantages of Incentive Pay. You are also agreeing to our Terms of Service and Privacy Policy. Advantages of a bimonthly pay schedule. Moving away from the financial benefits of longer lifespans can also benefit humanity in a significant way. Email a customized link that shows your highlighted text. - Seniority pay offers two key advantages to employers: 1- Seniority pay facilitates the administration of pay programs since pay increase amounts are set in advance, and employers award raises according to a pay schedule. Imagine teachers with one foot in the classroom and one foot in another branch of the profession, (as online teachers, virtual and face-to-face mentors, teacher educators, authors, etc.). See more at: http://www.nanaimodailynews.com/business/the-pros-and-cons-of-longevity-1.1425049#sthash.TQz2Kg0G.E0sx6mNr.dpuf, This article was published byThe Nanaimo Daily News on October 14th, 2014. Happier employees. It has been reported that over 80% of the people of 85+ years in the UK suffer from a disability. Better employee performance and retention. What if? Compare and contrast seniority (longevity) pay with merit pay. And in this article, well discuss some of the pros and cons of living longer. Play free Hardbass Music or download Which are the advantages and disadvantages from car loans? The API makes integration simple and there is no . List the three assumptions upon which effective incentive pay systems are based. And, if they are not happy with a career, they can change and explore other options. Longevity pay is based on duration of employment. Teachers are vulnerable to the ebb and flow of administrative tides. And for someone who is on their (gulp) fifth company in seven years, it may seem a little self-serving to try and do so.