From the course: Human Resources: Pay Strategy
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The impact of pay
- How many of us go to work without expecting to get paid for our expertise and contributions? Silly question, right? Key reasons we accept a job offer or stay with a company are the pay and the employee value proposition. The same way we expect to be paid for our contributions, employers expect high performance and enhanced results for the expenses associated with employing us. As you begin to craft your organization's pay strategy, note the effect that pay has on both the employee experience and on organizational success. Let's walk through some of the influences pay has on both the organization and its employees. First, meaningful work is important, but pay also impacts an employee's identity and lifestyle. The last time I got a promotion with a pay increase, I felt proud and experienced a really nice ego boost. Pay influences the employee's ability to build wealth. It's also an important component of how employees view…
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