The issue will not go away, and it cannot be ignored. We’re speaking of pay inequity. Even before the pandemic’s onset, organizations were feeling increased pressure to pay women the same as men for comparable work.
Now, with COVID-19 propelling shock waves throughout the labor force, your business is playing with fire if it doesn’t deal with this. In some sort of Grand Awakening, employees are rethinking what they want to do in life, and where they want to work.
That goes to the heart of recruitment and retention
In that light, here’s what you should know about analyzing and remediating pay equity in your organization
What is Meant by Pay Equity?
Pay equity generally means paying employees the same for the performance of the same or similar job duties, while considering factors including experience level, tenure, and job performance
Why Should I Deal with It?
Beyond being the right thing to do, you have several reasons to close the <a href="https://enm
wikipediaorg/wiki/Gender_pay_gap”>gender pay gap at your organization, including the fact that you don’t want to be sued
Employees are increasingly aware of the issue and have their collective antennae up
Also, ensuring that staffers are paid equitably means more workplace efficiency, productivity, and creativity Why? Because, when you get your house in order, you’ll be able to attract top talent, lower turnover rates, and heighten commitment to your enterprise
So How Should I Deal with It?
A <a href="https://wwwmercer
us/what-we-do/workforce-and-careers/pay-equity-analysishtml”>pay equity audit is a must And if you don’t think HR can handle it, you shouldn’t hesitate to enlist the assistance of a consultant who knows all about this stuff, including how your state’s laws may vary a bit from, say, the federal definition of “comparable work”
What is a Pay Equity Audit?
It’s an important tool that organizations use to get the info necessary to root out pay disparities that can’t be explained by legit reasons such as seniority
The good news is that it’s also a chance for you to get right
What Should I Do for a Successful Pay Audit?
Some <a href="https://hrexecutive
com/follow-these-7-steps-to-an-effective-pay-equity-audit/”>steps you should follow include:
Identifying your objective Are you mainly hoping to avoid litigation, or are your shareholders calling for a pay gap analysis? Homing in on your audit goals is a crucial first step since that will drive your methodologies
Get top execs on board
You must do this because a full-on audit eats up a lot of time and resources The hope is that once your leaders learn how important the effort is to your bottom line, they will buy in and even champion it
Get your team together
You’re going to need HR, of course, but also finance and legal counsel
Study current and historical pay practices
You can’t really remedy anything until you examine what you’re doing, and what you have done
Gather the data You need everything relevant you’d expect, including department, job title, job level, gender, regular pay, bonuses, experience level, etc
You also need any performance ratings or records
As you can see, analyzing and remediating pay equity is something that simply must be done – sooner rather than later
Although it may be natural to experience some hesitancy out of fear of what might be found, don’t let that hinder you from getting your company in shape And we suggest getting expert outside help, a consultant such as Mercer that deals with these issues day in and day out, and who can deliver without distracting, freeing you to handle the day-to-day functions of running a business
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