Q5 Dr Lisa: Could you explain about the “felt fair pay” curve for the time span of discretion that is universal across cultures, currencies and continents?
Tom: Felt-Fair-Pay is probably the most controversial, yet scientifically documented finding in the research of Elliott Jaques. Here’s the way it works.
Ask someone what they feel is Fair Pay for the work they perform. This question is a little tricky, because, as you might imagine, there are many influences on this response. First, you have to discuss the work. Next, you have to get the person away from their co-workers, away from their spouse and then ask, “What do you feel is Fair Pay for the work you perform?”
When Jaques plotted the points based on Time Span and Fair Pay, they produced a curve that was reproduced in study after study over a period of 12 years in multiple countries under different currencies. Uncanny.
The implication for this finding? If I can determine the Time Span of the role, I can calculate the Felt-Fair-Pay.
..to be continued.
Here’s to maximizing YOUR profits!
Dr Lisa Lang
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