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Salary: Hide or Seek 💸
Mariam Mushtaq
March 31, 2024
Hi everyone! 👋
This is Mariam Mushtaq from HR Brain Pickings. There’s something really satisfying about the 1st of a month landing on a Monday, isn’t it? Well, I trust your weekend provided some relaxing downtime, and you're now geared up for a new month ahead! 🙂
What are we discussing today? 🤔
The conversation around pay transparency has shifted from a hush-hush topic to a front-and-center discussion in boardrooms. 🗣️
As HR professionals, we need to continue to steer our organizations towards more transparent, equitable practices. Here's why it matters and how you can lead the charge. 💪
What's the verdict on pay transparency? |
The Case for Transparency 💵
Imagine this: You're at the office water cooler, and the chatter isn't about the latest Netflix binge but over pay disparities. 🤔
Sarah, your top engineer, discovers she earns less than Mark, although they do the same job. 🤯
The mood? Tense. 😰
The issue? A classic case of opaque salary structures leading to mistrust and morale dips. 👎️
Why does pay transparency make us squirm? 🫢
I mean - for starters, it challenges the age-old practice of keeping salaries quiet, fearing that transparency might stir dissatisfaction and jealousy.
Yet, what’s the real culprit? Inconsistent pay scales, unclear promotion paths, and, let's face it, bias in some capacity.
Why the shift in pay transparency?
It’s quite simple, really. we're living in an era where access to information is unparalleled - employees are better informed, and pay discrepancies can significantly impact an organization's reputation and its capacity to attract talent. 🧑💼
According to SHRM, 82% of people said they are more willing to apply for a role if the pay range is listed. And 74% are less likely to apply for a job if it doesn’t list that information.
Also, the younger workforce, places a high premium on transparency — pay included. This generational shift is nudging workplace norms toward more openness. 🗣️
IN THE NEWS:
The shift in conversation about pay transparency is not just happening among employees but also due to state legislations.
“8 states, including New York, California and Colorado, have enacted some form of pay transparency legislation that varies in how they require companies to disclose their ranges, when and how a salary range must be provided to employees or applicants, and how they enforce it. 15 more states, including Oregon and New Jersey, are currently considering implementing their own salary range transparency laws.”
What can employers and HRs do?
This is a bit of a lose-lose situation for employers: opting for pay transparency might expose pay gaps, yet hiding this information could damage your company's reputation.
However, with a thoughtful and strategic plan, any organization can successfully implement a pay transparency policy gradually.
Accept change: Understand the shift towards transparency driven by not just employees but also legislations put in place. Incorporate pay transparency into your culture and leadership philosophy.
Start small: Begin the transparency journey with manageable steps to ensure organization-wide buy-in. Help employees understand how pay is determined through benchmarking and comparative pay analysis.
Integrate transparency into HR practices: Make pay transparency a part of talent attraction, employee experience, and performance management.
Communicate benefits clearly: At the start of job postings, list all benefits and compensation clearly to attract the right candidates.
Promote career mobility: Show employees clear paths for growth and how it impacts their pay.
Adopt a total rewards philosophy: Highlight both tangible and intangible benefits to showcase the total employee experience.
Design a job-leveling framework: Develop clear job roles and levels to establish salary bands with responsibilities and expectations.
Conduct a pay audit: Start with a thorough pay audit to understand where you stand. Knowing where you stand is crucial before moving forward.
Set goals and measure progress: Track how well you're sticking to laws and how well your team understands pay structures, adjusting as needed.
Remember, transparency isn't just about revealing numbers; it's about building trust. 🙌
Till next time, keep leading with empathy and courage. 💼🚀
10-Minute Watch: HBR 📺
🗣️ HR Voices: Real Stories, Real Insights
Want to get featured here in the next issue? Let's hear from you! ⭐️ How have you navigated pay transparency, or what's stopping you? Share your strategies or stories with us. |
Albus: Your HR Assistant 🤖
Tired of repeating the same HR answers day in and day out? Albus has your back. 😎
How? Thanks to its proactive listening feature on Slack, Albus learns from previous queries and autonomously responds to repetitive questions. 🙌
Streamline your work and free up valuable time for the tasks that truly make a difference. Reach out to the Albus team to discover how Albus can improve your workday!
Free Template: Salary & Compensation Survey 🗒️
On your way to implementing pay transparency at your workplace? Kickstart the process by seeking feedback on the existing compensation structure from your current employees. 👨💼
Their insights could prove invaluable as you navigate the nuances of pay transparency. 💲
🤝 Connect and Exchange Ideas with HR leaders
The Shape of Work (TSOW) community is your hub to connect, share, and learn from peers in the HR space. From celebrating work anniversaries to curating wellness days, you can share your initiatives or discover new ones in our community. 💬
Join us, and let’s shape the future of work together. 👥
Today’s Reads
Have you had to deal with or navigate political discussions in the workplace? 🗣️ According to a study, 51% of respondents believe workplace political discussions hurt the work environment. Read this SHRM article on how to manage political discussions in the workplace.
Working on the weekends might soon be against the law? 🤯 The “right to disconnect” law is being implemented by several nations like Argentina and Ireland. Learn more.
Humans<>AI collaborations has become the new normal. 🤝 But what do we know about optimizing it for humans? What types of collaborations decrease engagement? Read about the struggles and challenges that this collaboration might bring.
Did you enjoy today's issue? |
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