A recent report on compensation best practices shows that pay transparency and pay equity are key for organizations to build more trusting relationships with their employees. However, this may be a difficult pill for some employers to swallow.
Sharon Florentine writes, “More than ever, companies are updating their compensation strategy and practice to build more trusting relationships with their workforce, emphasizing pay transparency and equity, according to the 2017 Compensation Best Practices Report from cloud compensation services company PayScale.
“The 2017 Compensation Best Practices Report (CBPR) is based on data from 7,700 executives, line of business managers, human resource leaders and compensation practitioners, and reflects current attitudes about compensation, business growth, hiring and retention. The latest annual report shows a shift is underway at many companies as key talent markets are becoming increasingly competitive.
“More specifically, organizations are looking closely at their pay policies and processes and trying to become more open and transparent around those with the intention of building more trusting relationships with employees and driving deeper engagement, says Mike Metzger, CEO and president, PayScale, in a statement about the research.”
Read on for more details.