The term PER DIEM (4 letters) is a Latin phrase meaning 'by the day' and is commonly used in the job market to refer to a payment rate for employees who are paid by the day. This type of payment is often used for short-term or temporary jobs, such as those in the hospitality industry, where employees may be hired on a daily basis. It is also used for certain types of freelance work, such as consulting or writing, where the employee is paid for each day they work.