How Fair Pay Perception and Pay Transparency Combat Turnover
HR departments invest a lot into attracting and retaining talent. This includes investment in compensation strategy and market data to ensure that employees are paid competitively. But do employees know what goes into determining their pay and ensuring that their pay is fair? Payscale’s research suggests that most do not.
The perception of fair pay and the impact on retention
Payscale’s new research poses the following questions:
- Do employees know if they are paid fairly?
- If employees do not know they are paid fairly, are they more likely to leave?
- Is pay transparency impactful on an employee’s intent to leave?