According to a recent Gallup poll, 4 in 10 workers think they’re underpaid - my experience tells me it’s closer to 8 or 9: most everybody thinks they should be paid more. This has traditionally been a vexing problem for companies as managers trying to both balance budgets and keep employees satisfied. Today this is exacerbated by record low unemployment and a war to attract and retain talent: companies are increasing wages to attract more applicants. Companies and leaders are responsible for addressing and owning this problem: they need to understand the value of work and price jobs both competitively and accordingly, explain how this works to applicants and continue to do so after they’re hired, be honest when determining if an employee has been effective (as opposed to basing increases solely on tenure), and talk openly with employees throughout their employment about the issues related to compensation budgeting. This is when leaders need to lead: prepare them to competently, coherently, and continually discuss this topic and support them with the rest of your company’s internal communications strategies. It’s not impossible and should not be limited to once-a-year discussions. Conduct your business with a compass, not a clock, today.
Stephen R. Covey (born 1932): Motivational Writer
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