Wiktionary(0.00 / 0 votes)Rate this definition: 1  exchequer(Noun) a treasury. 2  exchequer(Noun) an available fund of money, especially one for a specific purpose. 3  Exchequer(Noun) the government department that collects and manages revenue.
Definition. Shift pay is the practice of paying a premium to employees who work the less desirable hours a business must operate. The premium, also called a shift differential, compensates workers who are scheduled for a second or third shift.Some employers pay a shift differential for working weekends, holidays or split shifts.hen deciding if shift pay is appropriate for your business, itâs helpful to consider what other businesses in your industry do. Shift pay is used by 83 percent of manufacturing firms and 59 percent of customer support businesses, according to Culpepper Compensation Surveys & Services.
Generally speaking, second and third shifts pay higher rates than the first shift, and rotating and flexible schedules are compensated more than fixed schedules. The following list identifies different shift differential policies that a business can implement, along with the pros and cons for each.he most common shift differential policy is when companies pay employees a premium for hours worked during the second and third shift. A company can pay the same premium for both shifts, or the premium can be offered in a tiered approach, wherein the second shift premium is lower than the third shift premium.