Compensation is a critical element of employee engagement, retention, and overall satisfaction Sponsored by TryAssemble
This leads to increased employee satisfaction and retention, improved productivity, and a stronger employer brand.
A lack of transparency around compensation can lead to misunderstandings and even resentment between employees and managers. When employees do not understand how their compensation is determined, they may feel undervalued or unfairly compensated. On the other hand, when managers do not understand how to manage compensation effectively, they may struggle to retain top talent, leading to higher turnover rates and decreased productivity.
Transparency also allows managers to more effectively explain compensation decisions to employees, which can lead to increased trust and better working relationships. Humans are wired to make sense of the world by crafting narratives to explain what we don’t understand. By being transparent about how decisions are made, your company can equip managers with the right narrative. In turn, they can relay that message to employees and candidates, so they don’t come up with their own.
In most organizations, HR teams need help from managers to communicate this to employees. When managers are well-trained on compensation, organizations are more successful in delivering this information to employees. Additionally, managers that are well-trained on compensation make better compensation decisions, which helps companies retain top talent and avoid turnover.
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