Do you know how much money the person next to you is being paid? Do you want to know?
Are you sure you want to know? Management gurus tell us that CEOs need to be transparent. Fine and dandy, but by the way, what are you being paid to tell us that?
“The hockey players who discovered they were being paid less didn’t suddenly put in less effort at work. Rather, they exerted a different kind of work.” The truth is we care less about what we make than what we make in the context of our peers. In one study, when an employee learns that the other guy is making more, “they report lower job satisfaction and a higher likelihood of seeking work elsewhere.” Flynn says sports teams are ultimately hurt by underpaying some players. In the end, what people really want is to be valued properly.
As usual, unintended consequences abound. How does the employer link “pay and performance?” How do I reward and incentivize the right outcomes? With sports figures, it is easier, the stats are relentless. But in companies, the correlation between work effort and accomplishments is squishier.
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