GETTING TO PAY EQUITY
Within the year, companies with more than 100 employees will likely need to demonstrate that their workers are being paid fairly by sex, race, and ethnicity in at least a dozen countries, including the United States..
The best tool that a company can arm themselves with is a comprehensive Pay Equity Analysis. A good Pay Equity Analysis does more than keep you on the safe side of the law; it improves retention of employees, uncovers avenues to increasing efficiency, and improves financial forecasting.
Our PEAs use intersectional statistical models to identify whether compensation at your organization is inﬂuenced by factors you want (e.g., type of job, location, performance) or those you don’t want (e.g., gender, race/ethnicity).
“It’s kind of in the weeds, really technical detailed stuff,” said Michael Eastman, a senior vice president with the Center for Workplace Compliance.
“That’s where the burden comes in.”
This is where we can help. We have decades of experience with equity in data and are seasoned diversity and inclusion professionals. Develop a PEA now, and use it to reap all kinds of benefits.
PAY EQUITY ANALYSIS IS A TOOL FOR:
- Legal compliance.
- Managing recruiting and stafng processes.
- Engaging employees more effectively.
- Confrming that organizational values are making a bottom-line difference.
- Increasing understanding of the DEI within your organization and identifying strengths, weaknesses, and opportunities for improving productivity.
The steps involved in crafting a Pay Equity Analysis for your company’s toolbox are simple:
Step 1: Prepare the relevant data – it’s okay that it’s messy and disorganized. We’ve been doing this for over a decade and have seen it all.
We can help you find, organize and understand your data, and you’ll come away from the initial phase with better data and better data collecting systems.