How to Determine Fair Wages
I’m a big fan of transparency, even when it comes to sensitive issues like how much money people make. In my personal life, I’m known for bluntly asking this question as well as wanting to know how old my acquaintances are – shared or non-shared life experiences and pop-culture references are a big part of my forming relationships.
When it comes to work and money, what people really want to know is: Am I being paid fairly, relative to others in my organization, industry, and locale, for the work I do?
Whether your company shares the information publicly or workers share it privately, it’s useful for everyone to know how salaries (and other perqs) are determined. Is it a matter of seniority – at your business or in the industry? Do degrees or other training experiences offer a bump in pay? What about effort, peer feedback, and performance reviews from managers or former supervisors?
How do you determine how much someone gets paid?