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The Josh Bersin Company
Why Do Corporate Pay Practices Feel So Broken? They Kind Of Are.
Apr 29, 2023
Explore the challenges of corporate pay practices and the urgent need for transformation. Uncover why traditional pay systems feel broken and learn about the importance of pay equity. Discover how to revamp performance management and implement a transparent, systemic approach to rewards. With a focus on a high-value strategy, this discussion highlights the need for organizations to adapt to a constantly evolving job market and prioritize employee well-being for greater satisfaction and productivity.
22:42
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Quick takeaways
- Traditional pay practices are outdated, leading to inequities that diminish employee loyalty and necessitate a strategic overhaul of compensation systems.
- Emphasizing pay equity and transparent communication about compensation can build trust among employees and help organizations attract and retain talent.
Deep dives
The Inequity of Traditional Pay Practices
Traditional pay practices have not adapted to the evolving workplace and are often shrouded in secrecy, leading to perceptions of unfairness among employees. The old system, relying on levels and bands, often results in significant pay disparities, especially for employees with rare skills who may earn substantially more than their colleagues. This disconnect creates not only internal inequity but also prompts employees to seek external opportunities that offer competitive salaries, undermining loyalty. As a result, organizations must reassess their pay strategies to ensure they align with modern workforce dynamics and expectations.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode