2nd June 2016
How much trust would be lost in your organisation if you suffered a data breach?
The recent ‘Panama Papers’ scandal is possibly the biggest leak in history, and has led to thousands of companies suffering reputational damage. The papers air the dirty money tactics of organisations and government leaders, and the backlash will be huge.
It brings to light what we talk about a lot here at Curo Compensation – transparency. What implications would your company face if HR data was revealed internally or externally? Most businesses think keeping quiet about pay and bonuses is best practice, but employees’ value honesty. By clarifying the compensation process and making sure staff members understand how and why their reward was calculated, there are less discrepancies.
Information about compensation and reward shouldn’t be shrouded in secrecy. Pay transparency is an opportunity to motivate employees by rewarding performance, and retain key talent. When someone’s efforts are publicly rewarded, others soon follow suit.
Don’t get caught out – be open and honest from the beginning. Our Lead Consultant Ruth Thomas recently wrote about the Panama Papers and pay transparency – read the article here.