Photo by Carl Tronders on Unsplash
More than half of employees would consider quitting if their salary concerns go unanswered, according to new research that positions pay transparency as a make‑or‑break factor in retaining staff.
A global survey of more than 6,200 white‑collar professionals by HR and payroll firm Remote found that around 56% of respondents would be prepared to look for another job if they raised a pay issue with the appropriate person and were dissatisfied with the response.
This includes 33.43% of respondents who said they would be likely to consider resignation if their pay concerns were not addressed, and 22.11% who described themselves as very likely to seek an alternative role.
The findings indicate that even where headline pay satisfaction is relatively high, employers risk losing talent if they fail to create clear and open channels for discussing compensation.
"Pay conversations in the workplace are often seen as uncomfortable or even inappropriate," said Barbara Matthews, chief people officer at Remote.
"But silence only breeds inequity and disengagement. When organisations encourage open, honest discussions about compensation, they set the foundation for a truly transparent pay culture."
The issue of pay transparency becomes even more complicated when the report shows that many employees appear satisfied with their current salary.
But with living costs still rising in many markets, 25% of respondents say a static salary would force them to make significant cutbacks, and 18% say they would struggle to cover basic expenses such as rent and groceries.
Only 15% believe they could comfortably maintain their standard of living while continuing to save or invest.
"Feeling fairly paid today doesn't guarantee that’ll hold tomorrow," Matthews said. "Maintaining an open dialogue around compensation is so important because it shows employees their needs and concerns are genuinely being heard."
Pay transparency is a movement growing worldwide, with more employers starting to include pay rangers in their job postings.
Read the full article here.