🚀We are excited to share our partnership with ELLING INTERNATIONAL CONSULTING GROUP and to present this post, The 10 Most Impressive Domino Effects and Saving Money with Fair Pay. Together, we highlight the inherent benefits of Fair Pay for employees around the world 🚀 💡Which benefit of Fair Pay do you think has the greatest impact on companies?💡
🔎 𝗧𝗵𝗲 𝟭𝟬 𝗺𝗼𝘀𝘁 𝗶𝗺𝗽𝗿𝗲𝘀𝘀𝗶𝘃𝗲 𝗱𝗼𝗺𝗶𝗻𝗼 𝗲𝗳𝗳𝗲𝗰𝘁𝘀 𝗮𝗻𝗱 𝘀𝗮𝘃𝗶𝗻𝗴 𝗺𝗼𝗻𝗲𝘆 𝘄𝗶𝘁𝗵 𝗙𝗮𝗶𝗿 𝗣𝗮𝘆: Fair Pay is often misunderstood as too costly, but the opposite is true. It positively impacts all aspects of a business while saving significant costs. Fair Pay isn’t just an option; it’s a legal requirement in many countries. Beyond compliance, implementing fair pay structures is a smart move to avoid hidden costs. When pay disparities go unchecked, expenses rise unnoticed. Fair Pay, on the other hand, creates a domino effect that benefits the entire organization. Here are the ten most important effects of Fair Pay: 𝟭. 𝗟𝗲𝘀𝘀 𝗰𝗵𝘂𝗿𝗻: Employees who have the same opportunities are more satisfied. Greater satisfaction, less churn. 𝟮. 𝗛𝗶𝗴𝗵𝗲𝗿 𝗽𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝘃𝗶𝘁𝘆: For the same reason, employees are more motivated and productive. 𝟯. 𝗚𝗿𝗲𝗮𝘁𝗲𝗿 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝘀𝗮𝘁𝗶𝘀𝗳𝗮𝗰𝘁𝗶𝗼𝗻: A more satisfied workforce has an impact on productivity and with it on the quality of its products or services. A satisfied workforce means satisfied customers. 𝟰. 𝗕𝗲𝘁𝘁𝗲𝗿 𝗿𝗲𝗽𝘂𝘁𝗮𝘁𝗶𝗼𝗻: The company's ratings on the job, product, and service portals will improve. The company will have a better reputation in the long term. 𝟱. 𝗕𝗲𝘁𝘁𝗲𝗿 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻𝗶𝗻𝗴 𝗴𝗶𝘃𝗲𝗻 𝘁𝗵𝗲 𝘀𝗵𝗼𝗿𝘁𝗮𝗴𝗲 𝗼𝗳 𝘀𝗸𝗶𝗹𝗹𝗲𝗱 𝘄𝗼𝗿𝗸𝗲𝗿𝘀: Word will spread to skilled workers, for whom the company will become more attractive as an employer. 𝟲. 𝗕𝗲𝗰𝗼𝗺𝗶𝗻𝗴 𝗺𝗼𝗿𝗲 𝗮𝘁𝘁𝗿𝗮𝗰𝘁𝗶𝘃𝗲 𝘁𝗼 𝘁𝗵𝗲 𝗻𝗲𝘅𝘁 𝗴𝗲𝗻𝗲𝗿𝗮𝘁𝗶𝗼𝗻: Younger employees prioritize fairness and equal treatment more than previous generations, making the company more appealing to junior talent. 𝟳. 𝗚𝗿𝗲𝗮𝘁𝗲𝗿 𝗱𝗶𝘃𝗲𝗿𝘀𝗶𝘁𝘆: Diverse teams are proven to perform better, leading companies to invest in diversity initiatives. Fair Pay provides a clear foundation for equal opportunities, with measurable results on the payslip. 𝟴. 𝗠𝗼𝗿𝗲 𝘄𝗼𝗺𝗲𝗻 𝗶𝗻 𝗹𝗲𝗮𝗱𝗲𝗿𝘀𝗵𝗶𝗽: If equal opportunities are ensured through Fair Pay, the proportion of women at all hierarchical levels will also increase significantly in the long term. 𝟵. 𝗕𝗲𝘁𝘁𝗲𝗿 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝗿𝗲𝗹𝗮𝘁𝗶𝗼𝗻𝘀: If a company can demonstrate that Fair Pay boosts productivity and quality while aligning with the SDGs, it becomes more attractive to investors. Today, both female and male investors increasingly value companies that prioritize sustainability and social responsibility. 𝟭𝟬. 𝗠𝗮𝗷𝗼𝗿 𝗰𝗼𝘀𝘁 𝘀𝗮𝘃𝗶𝗻𝗴𝘀: Embracing diversity and inclusivity across the business not only attracts young talent and new professionals but also leads to happier customers, stakeholders, and investors. Additionally, Fair Pay helps reduce internal costs significantly. 📢 Joint post by FPI Fair Pay Innovation Lab gGmbH and ELLING INTERNATIONAL CONSULTING GROUP #FairPay #Leadership #People #Inclusion #Growth #LeadershipInnovationLab #EllingInternationalConsultingGroup