Equitable Pay and Transparency
For years, employees have been struggling under skyrocketing costs of living and seemingly stagnant wages. Now may be a good time to review your pay practices and ensure that your employees are being paid fairly regardless of factors such as race or gender. Regularly reviewing your market’s pay trends can also help ensure that your employees are being compensated fairly, which will ultimately reduce the risk of turnover to a competitor who offers a higher salary.
Additionally, employees value transparency around wages. In some places, such as California and New York City, some employers will be required to publish salaries on job postings, signifying a trend toward more transparency between employees and employers. Consider restructuring your company’s compensation policy in a more equitable and open way to let your employees know that you’re actively thinking about their financial wellbeing.