As businesses settle into the new, post-recession normal for, most employers have realized the value of articulating a compensation philosophy—and of creating formal, written policies for carrying it out.
Yet, according to a new compensation study by the nonprofit WorldatWork organization, few employees understand those philosophies or policies.
The confusion may stem, in part, from a lack of communication about compensation from HR to the staff. The study shows that more than a third of businesses admit to sharing “minimal” pay-related information with workers.
Add to that the quickly and frequently changing basis for salary levels and pay raises, and it’s hardly a surprise that employees can’t keep up.
Equal, across-the-board increases and years-of-service bumps have all but fallen off the map. They were once the go-to methods for determining pay raises. The WorldatWork survey of 1,001 compensation pr...(register to read more)