Remuneration Transparency and its Implications
Remuneration transparency is precisely what it sounds like: individuals being vocal about how much money they make for the amount of work they do. Remuneration transparency can also include clarity about company provided benefits (i.e. life and medical insurance) and other aspects such as paid sick days, maternity leaves etc.
Companies want content employees. Hiring and retaining top talent is crucial for the success of any organization, and there are several measures organizations take to keep their employees pleased and keen to stay with the company. Proposing a fair pay in relation to market standards and what co-workers are making is one such tactic to keep teams happy. It turns out, how individuals feel about their salary deals and packages plays a massive role in how engaged they are in their work.
Abacus Consulting has been conducting employee engagement surveys since 2005 and has successfully completed surveys with more than 40 well-reputed organizations in Pakistan. In this survey, 31 organizations’ data from more than 9 sectors which includes Insurance, Cement Industry, Engineering, Chemical/Fertilizers, FMCG, Textile, Energy (Oil & Gas), Telecom, Manufacturing and Banking has been used to whom Abacus Consulting has provided Employee Engagement Survey (EES) services in the recent past. Parts of these surveys are specifically aimed at remuneration.
Read our point of view to find out how employees at different career streams (Executives, Management, Professionals and Para-professionals) feel about the remuneration packages being offered to them.