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ArticlePublication Date
How to Age (Update) Survey DataMarch 2014
The Five Biggest Mistakes in Compensation and How to Avoid Them #1October 2011
The Five Biggest Mistakes in Compensation and How to Avoid Them #2November 2011
The Five Biggest Mistakes in Compensation and How to Avoid Them #3December 2011
The Five Biggest Mistakes in Compensation and How to Avoid Them #4January 2012
The Five Biggest Mistakes in Compensation and How to Avoid Them #5February 2012
Article: The Five Biggest Mistakes in Compensation and How to Avoid Them #1Publication: October 2011

Here is the first in a series of short articles addressing some of the more common compensation issues facing HR professionals today.  Not really a lot of new issues or resolutions, but maybe the timing is just right for solving one of your headaches.

The first of the Five Biggest Mistakes is Compensation Communications - or lack thereof.

Believe it or not, there are still companies (excluding public sector employers) who believe in trying to keep compensation information secret.  Pay structure - secret.  Pay ranges - secret.  Relationship of jobs from a compensation perspective - secret.

WAKE UP!

How long do you think it takes for employees (or competitors!) to figure out what you pay for various positions?  Employees simply share bits and pieces of information as it comes to light and then share that information - adding their own interpretation, of course - with their friends and associates... and even competitors.

Recommendation:

Share just about everything short of individual pay rates.  Pay structure - open to any employee who wants to know.  Pay range - make sure employees know where they are and what they can do to maximize their next increase.  Relationship of jobs - open to any employee, especially those considering their career path and future with your company.  What Michelle is making - no way!  That's confidential.

Remember...

The more you try to keep things secret, the more suspicion and mistrust you'll generate.  The fear that sharing compensation information will somehow lead to something bad is simply unfounded.  I’ve personally never found an organization that experienced negative consequences when openly and honestly communicating basic compensation information.

Next month, we'll focus on mistake #2 - wage compression.

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