Corporate America: Should Salaries Be Kept Secret? Chicago Area Credit Card Processing Company Velocity Merchant Services (VMS) Shares Their Viewpoint
Downers Grove, IL (PRWEB) July 15, 2013 -- Would you want your co-workers to know how much you’re being paid? Inversely, are you curious to know how much your boss makes?
Salary transparency has become a topic of much debate over the past several years and it’s a major component of FOX's recent reality show called Does Someone Have To Go? While the current hype surrounding the show may at first glance reek of gossipy office mates and an intense dose of reality television drama, one of the core components that drives the show’s storyline is the disclosure of show participant’s actual salaries – on national television – while the cast sits anxiously watching a large screen projector as each employee’s salary is revealed.
According to a press release from FOX about the show, “Employees are given the power to make tough decisions...offering their respective staff a chance to make changes in the workplace.” In order to make the choices a business owner is normally faced with, the participants of the show need to know how much each of them costs the company to determine if their contribution to the company is in-line with their pay.
Velocity Merchant Services (VMS; http://www.getvms.com), the credit card processing company featured in the first two episodes of the show, has a very clear response to the debate on salary transparency. Through giving employees the power to select three of their co-workers to potentially terminate, in the end, VMS feels the experience has made the company stronger.
“I’ve seen my employees step up and take more initiative,” says Danoush Khairkhah, Velocity Merchant Services’ CEO. “When people know what value others bring to the company – and what they cost the company – there’s a certain amount of responsibility they inherit. Peer expectations are higher; we’ve seen very positive results and a lot of individual employee growth that’s made us stronger as a company.”
In an article posted on Entrepreneur.com, the vice president of marketing for PayScale.com says that “Having salary information is very empowering for employees, and it actually engages them more in their career. It helps them to start conversations with their employers about their career and where they want to go.” PayScale.com helps employees determine their worth compared to their peers on a national scale.
While salary transparency might soon become more commonplace due to sites like PayScale.com and Glassdoor.com, releasing employee earnings for the purpose of driving television ratings in a tense, cutthroat, Survivor-style television environment is not for the faint of heart. When emotions like jealousy come into play, straightforward business decisions may become clouded.
About Velocity Merchant Services
Since 1998, Velocity Merchant Services (VMS) has remained one of Illinois’ largest credit card processors. While saving the average business owner between 20-50% on their processing costs, VMS helps them increase their sales by 30% or more by setting them up to accept credit cards, debit cards and gift cards. Customers also benefit from the merchant account provider’s integrated professional website development services and secure access to capital through their Fast Cash (http://www.getvms.com/fast-cash) program. They are continuously growing their small business offerings to better serve their merchants. Connect with VMS on Facebook at http://www.facebook.com/getvms.
“DOES SOMEONE HAVE TO GO?” is produced by Endemol USA (“Big Brother,” “Steve Harvey,” “Wipeout”). Cris Abrego and Fernando Mills serve as executive producers. “Like” “DOES SOMEONE HAVE TO GO?” on Facebook at https://www.facebook.com/DoesSomeoneHaveToGo.
Lorraine Wolfe, Velocity Merchant Services (VMS), http://getvms.com, 888-902-6227 601, [email protected]
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