Better Pay Communication: Improving the Workforce Experience
Despite the best efforts around communication from companies, most people tend to believe they are underpaid. Even though they are being paid the market rate, nearly 2 out of every 3 people believe they are being paid less than the peer group. With higher pay being one of the major reasons why people quit, you need to make communication around pay more impactful and strategic
2. Articulate your philosophy: Link your pay philosophy with your business objectives and communicate it to your people.
3. Explain total rewards: Help people understand the total rewards package with an emphasis on the pay as well as the benefits. In case you have other developmental initiatives or recognition programs, make sure these are well-understood.
Satisfaction with total rewards contributes significantly to Wx and can be a powerful recruiting and retention tool.
4. Normalize off-cycle conversations: Don’t wait for the annual cycle to complete before launching an avalanche of communication that ends up confusing everyone.
During the year, consider creating a calendar of relevant information that you would like people to know about. In addition, by hearing from people, you can make the necessary adjustments to pay and pay communications.