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.
This decision is not always an easy one to make. Various options exist as far as how the business owner can proceed with establishing a pay plan. Differences between the compensation strategy of hourly and salaried employees can help the employer decide which is the most appropriate. Putting together a retail industry pay plan requires that the employer first have strong grasp of the differences between salaried and employees paid hourly. Employees paid on an hourly basis receive a wage for each hour of work they perform.