A new survey conducted by consulting firm Gartner Inc. has portrayed that only 32 percent of employees around the world are satisfied with their current salary. The survey determined that a strong feeling of unfairness in pay resulted from a deep deficit of trust towards the employers in most cases. The company documented individual statements of nearly 3500 employees from various firms around the globe in the course of the Survey.
The data concluded by the survey listed inadequate work-life balance, poor inclusivity, toxic work culture and unfair experiences as the main sources of the profound lack of trust observed between the employees and the employers in most cases. Changing socio-economic conditions also contribute a lot to the problem, as without proper adjustments in pay levels, it is very easy for the employees to feel overwhelmed by the routine financial obligations.
Senior principal of the Gartner human resource division, Tony Guadagni said in a statement that the main objective of the survey was to determine the rise of resignations following the covid-19 pandemic. He also said, “Organizational trust is the main driver of perception among employees, if the employers fail to inspire that certain level of trust among its employees, the employees will never believe that their salaries are equitable or fair”.
He also stressed the necessary measures that must be adopted by every employer, to negate miscommunication and promotion of organizational trust between the employees and employers. According to reports, the data generated by the survey clearly indicates that most companies have started to take heed of the problem and are taking steps to close the gaps in pay equity.
In the aftermath of the covid-19 pandemic, many major companies across several sectors witnessed a significant rise in the number of resignations. This phenomenon has been named, The Great Resignation, by many leading economists. The survey determined that pay equity has not been lucrative enough for employees who opted for other opportunities instead of resuming with their regular jobs.
Although the official data gathered during the survey pointed out that at least 8 out of 10 companies have conducted annual pay equity audits to asses the situation and its financial implications in the year 2022. The rise in global prices will require companies to reform their pay equity structures annually if they want to retain their employees. The report also suggested that employers should establish proper and transparent means of communication, in order to eliminate the lack of trust between the employees and the employers.
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