Companies that refuse to be transparent about pay will be 'under fire,' says salary expert (via CNBCMakeIt)
The December 2021 survey of 561 workers, ranging from executives to individual contributors, found that due to a lack of pay transparency, nearly half don't think they're paid fairly compared to people in the same role at other companies. Roughly 1 in 3 don't even think they're paid fairly compared to their co-workers.
going into effect nationwide, there's never been as much pay information out there for people who want to find it. But employers have a long way to go., as in-demand employees push leaders to be more equitable and inclusive. Open pay discussions, meanwhile, "give everyone the opportunity to criticize," he says. HR departments may not readily share salary data if they don't have a formalized compensation structure that can be explained and is free of bias.
It's a big step, but workers expect more, according to the Salary.com survey. Workers say they want more transparency from their company about how they're paid compared with competitors, compared with their co-workers, based on their skill level and based on their abilities to collaborate, meet goals and solve problems. Only 15% of workers believe the way their company does performance reviews in a fair way to structure pay, raises and promotions.
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