Fair pay isn’t just about compensation, it’s about showing respect, care for the person and investing in people for long-term success. It is the base of Maslow's hierarchy of needs (Physiological needs) but is also a part of each step post this. Safety and security, bringing in health, employment and social ability. Love and belonging, building a sense of connection to those who make the decision on how you are able to connect. Self-esteem, by showing respect, you gain respect, improving the persons confidence and ability to have an impact on your organisation. Actualisation, acceptance, experiencing purpose and meaning an a growth in potential. The thing is, pay is a massive part of a transactional relationship and employees will stick around for more than just the pay if you are nailing the rest. Have you left a great workplace that were nailing the rest if the pay just wasn't right?
The CEO Coach | CEO of the Year '19 | McKinsey, Skype | Author | Follow for posts about business, leadership & self-mastery.
Pay people what they're worth, or someone else will. Underpaying talent is a fast track to failure. Smart companies know this. They pay fairly because: 💰 It boosts morale. ↳ Happy workers are productive workers. 🚀 It drives innovation. ↳ Well-paid employees take more risks. 🏆 It attracts top talent. ↳ The best want to work where they're valued. 🤝 It builds loyalty. ↳ Fair pay = lower turnover. 📈 It improves performance. ↳ People work harder when they feel respected. Paying less might save money in the short-term. But long-term? It's costly. You lose: — Market competitiveness — Future growth potential — Company reputation — Your best people It's not just about the money. It's also about respect. And here's the hard truth: Talent talks. Your competitors? They're all ears. So, leaders, ask yourselves: Can you afford to lose your best people? Can you risk them feeling undervalued? Your team isn't just a line item on a budget. They're the engine of your success. Fuel them right. Invest in your people. Watch your business soar. ♻️ Repost to inspire your network. And follow Eric Partaker for more. 📌 Want hi-res PDFs of all my infographics? Try my free newsletter: ericpartaker.com/linkedin You'll get 60+ infographics for free.
