Partner Article

Employees in the dark over salary information

Employers are still keeping their employees in the dark over wage ranges, a pay and reward consultancy has found in its annual salary report.

3R Strategy’s Global Salary Planning Report is an annual publication that shows salary management trends to help HR professionals make pay decisions for the coming year. The 2022/23 report shows projected pay increase budgets for 2023 for the UK, split by sector, as well as overall results for over 50 additional countries.

The report also provides insight into pay trends such as the use of pay ranges, whether these ranges are published/transparent, and if organisations link pay to performance.

Rameez Kaleem, Founder and Director of 3R, said: “The report is to help support HR professionals with their pay decisions, in particular with planning their pay budgets for 2023.

“With inflation at record levels and organisations struggling to recruit and retain talent, it is more important than ever to get good data and carefully plan our pay budgets for next year.

“Last year, we just covered the UK. This year, we have decided to make it a global report. We provide the report for free to all participants because we want organisations to use it to make informed decisions impacting the salaries of their employees in a way that is fair, transparent and based on sound data.”

The report, now in its second year, was created from the responses of nearly 500 people working across a range of industries, including technology, financial services and charity. This year’s survey has highlighted several findings, including a lack of transparency about pay scales.

Rameez said: “We found that out of almost 500 participating organisations, 59% said that they had salary ranges. However, only 24% of these published their pay ranges for their employees to see.

“In the retail sector, it was even more stark; 41% of organisations said that they have salary ranges but absolutely none of the participants publish their pay ranges to employees.

“With Generation Y and Z employees in particular seeking more transparency in the workplace and organisations struggling to recruit, it was surprising to see how many organisations are still reluctant to move towards pay transparency.”

For more information about 3R Strategy, visit 3r-strategy.com

This was posted in Bdaily's Members' News section by Pay-as-Hugo .