Evan Rodd, PayScale
Have you recently expressed concerns around employee retention? As the New Year approaches, many employees may be considering a resolution that includes a quest for better pay, especially if they’re starting to become aware of possible inequalities when it comes to pay.
At first, it might seem plausible to pay below market for hot jobs – you were able to secure the talent, and your employees seem satisfied with their job, so what’s the problem? Once your star employees start to discover the plethora of available data regarding salaries for their position, your current comp strategy might start looking like pieces of cucumber next to the sweet grapes just over the horizon.
Wondering where that reference comes from? Take a look at this viral video that’s been making the rounds lately, and see what happens when monkeys realize they’re being paid an unequal wage for the same job.
While that may seem like a simplified example, there is still no denying the benefits of a well-rounded compensation strategy. This is especially imperative if you are paying different wages for the same position within your organization.