Coffee Talk: The benefits of fair pay

This article has been updated — 11 August 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.

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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.

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#54 - Dispatches from the Executive Compensation Conference: How Executive Pay and Rewards are Evolving

With a batch of fresh ideas to share, Margrét and Henrike dig into key takeaways from the Conference Board’s Executive Compensation conference—including how short-term executive incentives may not be incentives at all.

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#53 – How Novartis is Renewing (and Keeping) Their Fair Pay Pledge

This week, Henrike caught up with Marcus Priest, Head of U.S. and R&D Rewards at Novartis, to learn about Novartis’ public fair pay pledge with EPIC. Watch the episode now!

Listen to episode 53

#52 – Tips to Write a Good Pay Equity Statement

Join Margrét and Henrike on an insightful conversation about pay equity statements and discover what to include in those reports when communicating, both internally and externally, your organization’s pay equity philosophy.

Listen to episode 52

#51 - How to Communicate Pay Equity Goals with Special Guest Marcus Priest from Novartis

In this week’s Coffee Talk, Henrike von Platen of Fair Pay Innovation Lab speaks with Marcus Priest, Head of Global R&D Rewards at Novartis, about communicating the pledge to become a fair pay organization. Listen to Novartis’ success story in this episode of the Coffee Talk with Planet Fair to learn more about how to build an internal communications strategy to support pay transparency—even across countries, continents, cultures—and to integrate a pay equity mindset into your organizational culture.

Listen to episode 51

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