#16 - 10 Benefits of Fair Pay (+1 Bonus)

This content has been updated: August 11, 2023

From increased employee satisfaction (and, in turn, motivation) to a dip in turnover and more control over compensation decisions, the benefits of paying fairly and transparently build upon one another. In this coffee talk, Henrike and Margret have a lightning round to answer your burning questions about the measurable positive outcomes of pay equity.

Q: What happens when you set off on a pay transparency and pay equity project?

A: You set in motion a domino effect of positive gains that ripple through your organization.

What are those benefits?

1. Fair pay can have positive knock-on effects, benefiting not only individuals who receive higher wages but also the overall company culture and employee satisfaction.

2. Fair pay practices are correlated with employee satisfaction, wellness at work, and higher motivation, productivity, and happiness among employees.

3. Implementing fair pay can give companies a competitive edge in labor markets, especially in industries with high competition for skilled workers.

4. "People want to be working in places where they have purpose."

Grab your cup of coffee, kick back, listen, and learn all 10 + 1 benefits of fair pay.

(To learn more about the benefits of pay transparency, read the full article.)

Friday Coffee Talk from Planet Fair is a podcast/videocast series co-hosted by PayAnalytics founder Margrét Bjarnadóttir and Henrike Von Platen, founder and CEO of the FPI Fair Pay Innovation Lab in Berlin. It is available through all podcast platforms as well as on YouTube as a videocast.