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This "wage premium" reflects the extent to which workers have been able to extract more pay than is merited by their qualifications.

The faculty compensation system of American higher education, in terms of practice, or to the theory, has been a centuries-old experience.

These activities seem to be far more profitable than the humdrum business of managing payments and channelling savings towards investment.

Indeed, taking a step down in pay is so common that the best question is no longer "when is it okay to take a salary cut? "

Any attempt to increase price mid-project will result in no further pay and immediate termination of any and all previous agreements.

The result of such a wide spread in pay awards was an overall median settlement of just 3. 5 per cent.

Employers should be encouraged to introduce equal pay and EU social funds used to help close pay gaps, he said.

"We were all underpaid compared to what we were worth on the market, " says one of the defectors. "More people are going to leave. "

What the industry as a whole did not do well enough was to design pay so that it better reflected long-term risk.