There’s a cottage industry that’s grown up around doing salary surveys – it’s expensive and often contains range data that is less than helpful. Employees regularly complain that they’re not paid competitively, often citing 2nd hand information that is also questionable. If you really want good data, look at the salaries/wages job seekers list on their information – that can be cross checked with other applicants. Or you may want to contact a local university and ask their business or HR faculty to conduct a 3rd party survey for you or your local industry) – companies are usually willing to share their data if the school will guaranty anonymity. BUT: employees aren’t so focused on their pay if they are treated fairly in other aspects of their employment. Because when people are financially focused or invested, they want a return (in their paychecks); when they are emotionally invested in their work, they want to contribute. It starts, as I said, with fair treatment, and is supported by good communications, managers that have excellent soft skills and practice emotional intelligence, and a culture that helps employees reach their full potential. Given the number of companies that don’t use practices like these to manage effectively, it seems like it’s easier said than done; but not impossible. It starts at the top, with leaders who support progressive practices, lead by example, and promote employee engagement by being highly engaged with their employees. It’s all part of having a Culture of Excellence, one that invests in its people. Make sure you’re pay practices and policies are competitive and then get your employees emotionally invested in your business today.
Simon Sinek (born 1973): English-born American author and inspirational speaker on business leadership. His books include Start with Why (2009) and The Infinite Game (2019).
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