THE FOUR FACES OF PAY: AN INVESTIGATION INTO HOW CANADIAN MANAGERS VIEW PAY

While over 300 major studies have looked at pay, an empirically derived model of managerial perceptions of pay is yet to emerge. This study attempts to answer the question: "what does pay mean to managers?" Based on three different samples of Canadian managers, the present paper outlines a four factor model of managerial perceptions of pay. It is suggested here that pay has multiple meanings to managers: pay is a symbol of success, it acts as a reinforcer and motivator, it reflects performance and, finally, it reduces anxiety. The paper suggests that two core dimensions may underlie managerial perceptions of pay: its capacity to produce and reduce tension and its focus on self and others. The implications of the present findings for theory and practice and how the present findings relate to past writings in the field are outlined.