Did You Know

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Did You Know

History of compensation... The world’s first efficiency expert, Frederick Winslow Taylor, was the first to introduce monetary incentives to workers who exceeded quotas. Devoted to maximizing efficiency of the industrial workforce, this mechanical engineer, and one of the first management [...] Read More...

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History of compensation... Time clocks came into use in the late 19th century when industrialization turned time into an increment of payment. Businesses and factories relied on watchmen to ensure workers documented their time correctly and were looking for solutions more efficient [...] Read More...

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History of compensation... The earliest unit of time is the work day and from the Middle Ages to the 19th century, work days were structured around sunup and sundown. During this timeframe daily wages prevailed, since it was difficult to [...] Read More...

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History of compensation... References to wages in some form can be tracked all the way back to Ancient Greece, Ancient Egypt and Ancient Rome. In ancient times salt was highly valued and it was used as a method of trade [...] Read More...

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History of compensation... Ancient authors such as Plato and Aristotle debated whether physicians should be paid at all. There was disagreement whether medicine was an art or a "techne" (skill, craft) and if physicians practiced medicine because they love humanity, [...] Read More...

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"Wanted Immediately: A Sober diligent Schoolmaster capable of teaching READING, WRITING, ARITHMETICK, and the Latin TONGUE... Any Person qualified as above, and well recommended, will be put into immediate Possession of the School, on applying to the Minister of Charles [...] Read More...

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History of compensation... Boston ship carpenters were one the first tradesmen to raise the question of labor hours by refusing to work more than 10 hours a day, unless paid extra for each hour. At that time, work weeks in [...] Read More...

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History of compensation and wages... There aren't pay stubs from the early days so it's difficult to pinpoint when a work-for-pay exchange began, but salaried employment appears to have been relatively rare and mostly limited to higher status roles, especially in [...] Read More...

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Management consulting continued... The post-Enron business landscape proved to be challenging terrain as financial auditing scandals of the early 2000s delivered a blow to the advice industry. The consulting business, however, continued to be lucrative in the years following, particularly [...] Read More...

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Management consulting continued... Anticipation of the new millennium drove the consulting boom in the 90s as preparation was well underway for Y2K. The millennium bug, or Year 2000, presented serious computer repercussions but some warned the potential glitch could affect banks, [...] Read More...

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Management consulting continued... Tim Berners-Lee, a British scientist at CERN, invented the World Wide Web (WWW) in 1989. After only being available to the government and universities, it was made publicly accessible in 1991. Only 5 years later it was part [...] Read More...

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Management consulting continued... The debut of the IBM 5150 in August 1981 sparked the computer revolution as personal computers made their way into schools, homes and businesses. The use of computers led to new problems for clients and in response a new [...] Read More...

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Management consulting continued... Consulting had become the most popular profession for Harvard MBA students with nearly a third of them going to work for McKinsey at an average salary of $15,000 a year. By the 1970s, consulting firms had become voracious [...] Read More...

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Management consulting continued... By 1946, management consulting firms had become increasingly accepted by the business community. The U.S. banking and financial securities acts of the 1930s resulted in massive growth opportunities for professional management firms as they filled the void left [...] Read More...

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Management consulting continued... The invention of a purely management and strategy consulting company came in 1926 with the launch of McKinsey & Company, a firm originally founded to give local companies financial and accounting advice. McKinsey is credited with the idea of [...] Read More...