Should seniority be a criterion for pay?

We live in an age where information is more important than seniority. In Silicon Valley, where I work, you get paid for what you know, not how long you’ve been around or where you went to college. That’s good for some, bad for others. Like it or not, it’s happening all across the country, in job after job.

At the expertise end, it is appropriate (and not uncommon) to find profit-sharing and bonus pool systems for junior professionals, while in experience-based practices greater use is made of straight salary, with increases deriving from seniority and the accumulation of increasing amounts of experience.

At the expertise end, it is appropriate (and not uncommon) to find profit-sharing and bonus pool systems for junior professionals, while in experience-based practices greater use is made of straight salary, with increases deriving from seniority and the accumulation of increasing amounts of experience.

At the expertise end, it is appropriate (and not uncommon) to find profit-sharing and bonus pool systems for junior professionals, while in experience-based practices greater use is made of straight salary, with increases deriving from seniority and the accumulation of increasing amounts of experience.