Report: More than half of workers believe they’re underpaid. Here’s why
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Pay communications are a cost-free tactic open to all employers and have been demonstrated to deter job-seeking behavior, with a high degree of pay transparency being the most effective at building trust and increasing retention.
Most employees have no idea whether or not they are fairly paid. In the current hot job market, employees who assume the worst about their pay are shown to be 50 percent more likely to seek a new job.
The truth is that most employers do attempt to pay employees fairly and competitively. According to Payscale’s Compensation Best Practices Report, over 80 percent of employers say that they pay employees equitably based on salary data to keep employees engaged. Less than 8 percent of employers admit to trying to pay employees as little as possible to save on payroll costs.
Unfortunately, organizations do a poor job of communicating their pay practices and intentions to the workforce.
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