Comp and Coffee
Ep 84 - Pay Transparency: Why Employees Care
Sep 15, 2023
The podcast discusses the importance of pay transparency from an employee perspective, including the negative consequences of not sharing pay ranges. It explores the changing attitudes towards pay transparency among different generations in the workforce and the increasing comfort in sharing salary information with coworkers. The chapter also highlights the importance of pay transparency in building trust in the workplace and its benefits for both employers and employees.
26:36
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Quick takeaways
- Pay transparency is important for building trust and attracting talent.
- Lack of pay transparency can lead to discomfort, power imbalances, and undervaluation of employees.
Deep dives
The Growing Importance of Pay Transparency
Pay transparency is becoming increasingly important in the workplace, with more employees and candidates expecting companies to be open about salary ranges. This is driven by a generational shift, as younger generations are more comfortable with sharing salary information. Companies that embrace pay transparency are seen as more trustworthy and attractive to talent. Legislation is also playing a role in driving transparency, with some states requiring employers to disclose salary ranges. Research shows that employees value pay transparency and want to know what they can expect to be paid. It also helps employees understand their position within the company and can improve trust and employee satisfaction.
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