Compiled By Tonya Vinas A recent study shows that businesses could do a much better job of communicating compensation information to their employees. The study found that 52% of employees are satisfied with their pay, but only about 40% of employees ...
Compiled ByTonya Vinas A recent study shows that businesses could do a much better job of communicating compensation information to their employees. The study found that 52% of employees are satisfied with their pay, but only about 40% of employees understand how their base pay is determined and what they can do to improve it. The survey, "Knowledge of Pay -- E-mails from the Frontline," probed 6,000 managers and employees from 26 U.S. companies and was sponsored by WorldatWork and conducted by Peter LeBlanc, senior vice president at Sibson Consulting. The report concludes that pay knowledge is nearly as important as the amount of pay in determining workers' overall pay satisfaction. This was true even at senior management levels. "Management has tended to say less about how pay decisions are made to protect the amount of discretion and judgment that is involved," says LeBlanc. "However, some employers that are being intelligently open about pay are building a stronger bond with workers and managers alike."
