Over half of U.S. adults say it is “extremely important” for companies to avoid major pay gaps between CEOs and average employees. Another 27% of Americans think it is “somewhat important.” These findings have remained generally unchanged since 2022. Despite the consensus on avoiding major pay gaps, two-thirds of Americans say companies are doing a “poor” job of avoiding major pay gaps between CEOs and average employees, according to the latest Bentley University-Gallup Business in Society research. The findings come at a time when the 2023 median pay package for a CEO rose to $16.3 million, an increase of 12.6% from the previous year, according to an Equilar/Associated Press 2024 study. This is more than three times the 4.1% increase netted by private-sector workers in 2023. For further insights into Americans’ perceptions of the CEO-employee pay gap, read the full article: https://lnkd.in/gjPK4JMY
Terryberry
3mo
Closing the pay gap is crucial for a fair and motivated workforce! It's clear that many Americans see the importance of this issue. Let's work towards more equitable pay structures in our companies.
Francis Flair
2mo
If there’s one thing I’ve learned about CEO-employee pay gaps, it’s the need for transparency to foster trust. Open communication builds stronger relationships and fosters a positive work environment.
"Empowering Tomorrow's Leaders: Transforming Leadership Development with a New Paradigm"
3moThe CEO/Employee pay gap is essential when employees question their survival and security or when trust is void between leadership and the workforce. These two factors are somewhat integrated. When there is a lack of interpersonal communication throughout the organization, connections between leadership at all levels are faulty, leading to insecurity and a concern for survival. This is why leadership at all levels is tied to employees' perception of leadership, e.g., employees feel they are being taken advantage of. So, the easiest thing to point to is the pay gap between CEOs, senior leadership, and employees. This is often noticed when there is no profit sharing for employees, but there is profit sharing for certain levels of leadership. This is just one example. Connection is a function of leadership command of interpersonal communication. The more effective interpersonal communication skills are, the more connected employees are, and the more trust is established. When employees experience highly skilled leadership communication, the more trust they have in the organization, and the less concern there is about the CEO/Employee pay gap. This is because so much of the CEO's pay is based on incentives rather than base.