Disparities growing between the highest and lowest paid workers in the U.S.
There are rising tensions in many sectors of the workforce because it does not seem like fair wages are the order of the day; instead, it may seem that that disproportionate rewards are reserved for those already “at the top.”
“The rising gap in pay between senior- and lower-level jobs since 2008 represents an escalation of a longer trend going back at least several decades,” according to reports cited recently by the Society for Human Resource Management.
Employers worried about remaining competitive often focus on attracting and retaining superstars, but they may miss the benefits of internal professional development so that workers not hired at senior levels acquire key skills to succeed. There are clear benefits for employers in such an approach, including deepened employee engagement, greater loyalty to an organization, and maximizing in-house resources rather than outsourcing more and more responsibilities.
In adopting such an innovative approach to eliminating pay gaps, it is useful to also:
• Be transparent.
• Provide skills training at work.
• Invest in long-term development programs.