Talking about money at work
Source: Employee Attitude to Pay
Chartered Institute of Personnel and Development (CIPD)
Employers need to improve their pay and reward communications to help keep workers motivated, according to an HR association in the UK.
Two-fifths of employers fail to communicate the rationale behind their decision to raise, cut or freeze employees’ pay and, of those that do, less than one-fifth relate the decision to the individual’s performance, found its survey of 3,056 wording adults.
The most common explanations for pay decisions are:
- The state of the economy (45%)
- How much money the organization has to spend (38%)
- The performance of the individual (15%)
Is money a taboo topic in your organization?