Nearly seven out of 10 (69 per cent) executives have noticed pay discrepancies between new hires and employees with longer tenures in the past year.
Of them, 57 percent are regularly reviewing compensation plans and increasing salaries for existing employees, when appropriate, to align with current market rates, a survey of 234 executives since February found. Went. 25 to 8 March.
David King, Senior Managing Director, Robert Half, says, “In today’s tight labor market, employers need to identify and resolve pay discrepancies that exist among employees to retain talent and remain competitive as an organization.” “
“Companies should take deliberate steps to improve their compensation strategy, including benchmarking wages, conducting wage equity reviews, and making adjustments to ensure all employees are paid fairly for their work.”