If you aren’t talking with employees about pay, chances are they are talking to one another—creating their own story of your compensation philosophy. Not a good thing. PayScale surveyed more than 71,000 employees to study the relationship between pay and transparency.
The study found that transparent conversations about money can actually mitigate low pay. So, if an employer pays lower than the market average for a position, but communicates clearly about the reasons for the smaller paycheck, 82% of employees surveyed still felt satisfied with their work.
There’s more where this came from…check out the top 10 myths PayScale’s debunked! What has bad data led you to believe?