The Pay Transparency Conundrum

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09 Aug 2016

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British bankers are reportedly suffering from ‘paranoia and suspicion’ around the earnings of their peers due to a clouded bonus system, according to Business Insider UK. However, Croner Reward suggests that many other organisations struggle to find the right balance when it comes to pay transparency. Clare Parkinson, Reward Business Manager at Croner, comments: “One of the issues that organisations face is how much pay information they should release in the public domain. On the one hand, salaries can be beneficial in attracting top talent to join the workplace or to motivate existing workers but there are also fears about competitors using this knowledge to entice the workforce away by offering higher wages. “One solution is to set salaries that are just above the median for the role then increase pay at each review. This means that you can attract top candidates while also ensuring that staff are motivated to perform well and remain with the organisation. “With organisations being secretive about pay, it may not be possible to acquire off-the-shelf pay data to help you set salaries competitively for certain job roles. This is where contacting a pay and benefits consultancy can be invaluable, as specialist research can be conducted to ascertain the correct salary bands for a role. “Of course, it is not just pay rises that can help to retain or recruit top talent; offering additional benefits such as a company car or health insurance can be a deal clincher (depending upon the employee’s individual circumstances). A list of available benefits could be outlined within a job application and selected during the interview process, as well as reviewed on an annual basis.” For more information on how Croner Reward’s pay and benefits expertise can aid recruitment and retention, please call 0844 728 0103 or e-mail reward@croner.co.uk.

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