There are all kinds of benefits to conducting regular salary surveys. As well as remaining competitive in the market, as a destination for the best candidates and an appealing prospect compared to peer companies, ensuring your employees’ pay and benefits are up to the mark. This plays a big part when it comes to making your employees feel valued – which is good for everything from morale and productivity, as well as development and retention.
While many individuals prefer to keep their salaries private, and not at the forefront of major discussions, there are times where pay is pushed into the spotlight and people are far more sensitive to it. A good example being the recent discussion around the gender pay gap.
This is a commentary that has been around for a long time, and while each major epoch of the last 100+ years – Industrial Revolution, WWI & WWII, 1970s Equal Pay Act – has pushed and shifted boundaries, the disparity between male and female workers’ value has remained.
In the recent debate, no company is immune to the questions and challenges posed in pursuit of equal pay, regardless of its size or profile.
A great example being the BBC who, at the start of this year, went into great detail about their own gender pay gap which saw an average of 9.3 per cent difference between men and women’s salaries.
The BBC did their own self-analysis, which raised some issues but garnered respect, because actions were taken to close the gap with even some of their highest profile male employees taking pay cuts. The positive response to this approach is a clear example of why keeping your finger on the pulse is crucial.
When it comes to equal pay, be it gender-specific or otherwise, keeping your head in the sand is not an option. There are legal and regulatory measures in place, now more so than ever, to ensure all employees are treated and valued fairly – regardless of gender, age or background.