Let’s get down to brass tacks: Pay is the reason people go to work.
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Yes, we may derive satisfaction from our job or even view our own worth through the lens of what we do and how much we’re paid to do it. But without pay, we are volunteers—and most people aren’t in a position to be full-time volunteers.
With this thought in the background, great minds spend time thinking about what “pay” really means and how it can best be used to entice the right employees to join or to remain at the company. Mercer LLC recently released results of two studies that bring up some interesting data related to rewarding employees.
Looking at the studies in combination—reading between the lines, in effect—sheds light on how well companies’ rewards are working in the current economy.