Describe the problem of wage rate compression

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Question: There is a situation : A company hired someone from outside at competitive wages which was just less that $3000 what his/her senior was earing. A company has no money to increase the pay of senior employee. They explained her to consider her benefits. But, she said she does not care about benefits. She wants to give resignation.

Basically this is a problem of wage rate compression in the problem. Can you please how we can solve this problem considering company as no money at present to increase her pay?

Reference no: EM132772043

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