Employee turnover is a critical concern for businesses, especially post-pandemic. Fair pay perception and pay transparency play significant roles in employee retention. When employees believe they are underpaid, even if they aren't, they are more likely to seek new jobs. Payscale’s research shows that poor pay communication leads to higher turnover. Transparent pay policies reduce the likelihood of employees leaving, with those in highly transparent organizations being 65% less likely to seek new jobs. Investing in pay transparency and communication is essential for retaining valuable employees and ensuring business growth.

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