"Pay compression" is a clinical term meant to dilute the fact that employers will take advantage of their employees for as long as they possibly can. That is fair, but you better be aware of the cost of turnover and productivity is going to be. If it isn't "in the budget", you better damn well adjust your expectations on how much productivity you expect out of them.
This video is even more relevant in 2021 than when it was recorded. if you are running an organization with a lot of important employees below market compensation, your business is in serious trouble. All those employees are at risk of leaving, and not only would you be on the hook for higher wages, but also the cost of training new employees. Employers should be proactive in aligning their wages to market wages.
"Pay compression" is a clinical term meant to dilute the fact that employers will take advantage of their employees for as long as they possibly can. That is fair, but you better be aware of the cost of turnover and productivity is going to be. If it isn't "in the budget", you better damn well adjust your expectations on how much productivity you expect out of them.
Even more true in 2024, at least from my personal experience.
This video is even more relevant in 2021 than when it was recorded. if you are running an organization with a lot of important employees below market compensation, your business is in serious trouble. All those employees are at risk of leaving, and not only would you be on the hook for higher wages, but also the cost of training new employees. Employers should be proactive in aligning their wages to market wages.
My employer was paying new employees 7 dollars an hour more plus time and a half.... and we had to train them. Bsss
This is the whole reason nobody is working or wants to work because employers are cheap asf