Closing Your Organization’s Pay Gaps: A 5-Step Plan
A powerful mix of social, political, and demographic forces has launched pay equity to the top of the corporate agenda in the US and abroad, with businesses under growing pressure to ensure they pay employees fairly and without regard to gender or race. As a result, the US federal government has ramped up pay equity enforcement; a number of states, including California, New York, New Jersey, and Massachusetts, have strengthened their pay equity laws; activist shareholders are pushing publicly traded companies to identify and eliminate pay gaps; and several countries, including the UK, are requiring companies to publicly disclose their pay information.
All of which has sharply raised the stakes for businesses that fail to pay equitably. Companies today are far more vulnerable to pay-related complaints and enforcement penalties, and equal pay litigation is on the rise, with multi-million dollar settlements increasingly common. Companies exposed as having unfair pay practices risk tarnishing their consumer brand and hurting their ability to attract and retain talent
Fortunately, there are certain steps any organization can take to effectively assess where they stand on pay equity and to close gaps. Download this piece to obtain in-depth guidance on how to identify, analyze, and fix pay gaps by:
- Assessing and clarifying your organization’s existing approach to pay
- Proactively auditing pay systems to identify pay gaps
- Creating a high impact communications plan to define how — and how much — you will talk about your findings and strategies
- Fixing individual “point-in-time” pay gaps
- Creating a strategy for sustainable, long-term change
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