The Hidden Opportunity To Keep Your Best Amidst Pay Transparency Laws

The intent behind pay transparency legislation is to create greater equity in the workplace – which we’re all for – yet, the reality is that not all employees are performing at the same level, pace, output, etc. 

So, how do you reward top performers while complying with pay transparency laws? 

Current pay transparency laws do not require bonuses, commissions, or other benefits to be disclosed … so we encourage employers to use that to their advantage and reserve the right to augment a job description with an exclusive bonus in order to secure – or retain – a top performer. 

For new hires: 

Employers can use the premise behind these laws – to create a more level playing field for workers and job seekers – as an opportunity to showcase the financial benefits of joining the company and attract top talent who deserve these benefits. By clearly offering qualified new hires a cash bonus (like Keep’s vesting cash bonus that is tied to retention) within jobs descriptions, employers have the chance to stand out amongst competitors, comply with current legislation and attract and retain the top talent they need. 

For existing employees: 

Once job descriptions are updated to comply with the new laws (with clearly defined pay ranges for all job roles) there may be some existing employees who see their pay sitting at one end of the spectrum … and there may be a few reasons they’re displeased. Either they’re at the bottom end of the scale, demanding to be paid the max … or they’re already maxed out, yet feel they’re performing above most and deserve more. 

The employer has an opportunity. They’ve complied with the transparency laws, but now need to keep their top performers happy. 

A bonus, specifically a Keep bonus tied to a retention period at the company, can be just what they need to satiate that high performing employee’s demands or quell their threats to jump ship for a higher salary. As a one-time lump sum of cash, it keeps their salary within the accepted range, avoiding any unrealistic inflation of salaries due to comparison and competition amongst employees. And this exclusive bonus can be saved for those who truly deserve it – and those the company cannot afford to lose.  

Learn how to incent your top performers to stay after complying with pay transparency laws. Schedule a Keep demo today.