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If that’s the case tell him to make sure his compensation doesn’t increase either
Pro
Unfortunately, this can be common. Companies know that there are many toxic work environments out there and employees value a healthy culture. It's an intangible benefit that is genuinely valuable. However, that doesn't mean that compensation should be awful. I would expect lower pay but that trade-off will vary from person to person.
Company with truly good culture makes employees feel they are appreciated and fairly compensated. Bringing in pizza and having happy hours is not a good culture
Strong working environment doesn't come for free. Typically it means less work, less intense deadlines, flexible schedule, technology, lunch, office events and many other things that costs money (and increaes payroll)
Nothing is free ultimately.
What a load of crap! Your CFO using "good culture" to underpay. Competitive pay is part of a good culture.
What is a good culture, is it 4 day work weeks or less than 40 hours work hour weeks, no micromanagement, work from home, flexibility, unlimited (within reason) vacation? Yeah I guess that can justify it. Or is it happy hours, pizza Fridays, ping pong table and snack in the cafeteria? Hell no.