“In my day, you could get a candy bar for a nickel!”

Different generations have different reference points when it comes to money in general and compensation in particular. And those perceptions play a big role in recruitment and retention of employees.

It’s wise to be aware of your own bias when it comes to matters of compensation. This is true whether you’re in a position to set pay rates for others or you’re simply in a position of working for pay that is set by others.

The market matters more than your feelings. Also, demonstrated competency matters more than your feelings.

Take a look around. See what the fair market value is for your work or the work you’re hiring others to do.

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