HRO Today April 2017 - 43

Payroll
percent of top-performing companies provided total
compensation statements to employees-versus 38
percent of typical companies-a very tangible way to
be more transparent about pay.
53%
of top-performing companies provide
total compensation statements to
employees.
example, these companies are more likely to pay more
for the most competitive roles that really impact the
bottom line. They do not have a blanket policy whereby
each function gets an equal piece of the pie, instead
they prioritize pay for the jobs that are more integral to
achieving business success. In addition, these companies
are more likely to foster a more transparent pay policy
and to train their managers to talk with employees
about pay. They welcome pay discussions because they
understand employees feel more valued when they
understand how pay was determined. And in fact, 53
* Employers and employees disagree on " fair pay. "
However, even with a greater focus on getting pay
right, there is still a major discrepancy when it comes
to perceptions of fairness. This year's survey revealed
that 44 percent of employers say their employees are
fairly paid, but only 20 percent of employees agree. (In
addition, 64 percent of companies said their employees
felt appreciated at work, while only 45 percent of
employees agreed with that same statement.) This
disparity about how employers and employees
approach and experience value and appreciation is
called the 'corporate chasm.' It shows that it's not
enough to pay employees the right way, employers
also need to engage in conversations with them
about pay to ensure they understand how their pay
was determined and where they fall in relation to the
market.
* 2016 marks the return of cash. Companies appear to be
cautiously optimistic and they're opening the purse
strings again when it comes to pay. In fact, 34 percent
of organizations said the highest base pay increase they
gave to an employee topped 10 percent. In addition, 11
percent reported an average increase over 5 percent.
More and more, companies are abandoning the general
three percent raise across the company and awarding
their most valued employees with significant pay
increases which are based on their performance.
44%
of employers say their employees are
fairly paid, but only 20 percent of
employees agree.
This year's research shows that compensation is evolving
to both reinforce company culture and accomplish
business results at many organizations. Companies are
always looking to get more returns from their talent
investments and drive deeper employee engagement.
Many employers are realizing that how a company
pays is really as important as what a company pays its
employees. Compensation policies extend the culture at
an organization. Employers who pay fairly for competitive
positions and foster open dialogue around pay will build
more trusting relationships with their employees that, in
turn, will lead to organizational success.
Mykkah Herner is the modern compensation evangelist at PayScale.
APRIL 2017 | www.hrotoday.com
[43]
http://www.hrotoday.com

HRO Today April 2017

Table of Contents for the Digital Edition of HRO Today April 2017

HRO Today April 2017 - 1
HRO Today April 2017 - 2
HRO Today April 2017 - 3
HRO Today April 2017 - 4
HRO Today April 2017 - 5
HRO Today April 2017 - 6
HRO Today April 2017 - 7
HRO Today April 2017 - 8
HRO Today April 2017 - 9
HRO Today April 2017 - 10
HRO Today April 2017 - 11
HRO Today April 2017 - 12
HRO Today April 2017 - 13
HRO Today April 2017 - 14
HRO Today April 2017 - 15
HRO Today April 2017 - 16
HRO Today April 2017 - 17
HRO Today April 2017 - 18
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HRO Today April 2017 - 20
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