- Employees are not feeling confident about their current compensation levels, likely causing issues with talent retention, according to a new survey from Glassdoor released on Equal Pay Day.
- Glassdoor's Global Salary Transparency Survey found that 47% of employees surveyed say their companies still do not share pay data internally. Additionally, 69% wish they had a better understanding about what is actually fair market compensation for their position and skill set at their company and local job market, and 56% believe they need to change employers to make a meaningful change in their compensation.
- Gender-wise, fewer women understand how pay is determined at their company than their male counterparts (53% vs. 65%, respectively).
Clarity around compensation practices is divided along gender lines. Globally, more employed men (59%) than employed women (51% ) believe they have a good understanding of how people are compensated at all levels with their employer.
In the U.S., millennials ages 25-34 (57%) and Gen X'ers ages 35-44 (58%) and those ages 45-54 (53%) are more likely to believe they need to change companies to make more money compared to those 55 and older (32%).
Globally, 70% of employed adults believe salary transparency is good for employee satisfaction and 72% believe it is good for business.
Dawn Lyon, Glassdoor vice president of corporate affairs and chief equal pay advocate, says that even in 2016, most employees – especially women – remain in the dark about what fair pay is for their particular role.
"Employers need to understand that perpetuating salary sharing taboos can ultimately impact retention," she says.