The rewards include diminished organizational risk and, most importantly, an employee base that feels valued.
Pay transparency is beneficial to employers and their companies. Many employers are adapting to pay transparency to avoid negative outcomes such as undeniable market pressure, high employee turnover, and higher recruiting costs. Companies have been able to circumvent negative outcomes that invariably arise from any mystery surrounding pay, which may result in employee resentment and tarnished employee branding. The article further explains the steps companies take to apply transparency, such as establishing a pay philosophy and pay structure, plus a lot more.