A survey reveals that 66% of employers intend to tackle pay equity issues this year.

Companies are paying closer attention to what they pay their employees these days.

In 2022, 66% of surveyed organizations plan to conduct a pay equity analysis, which is a 20% increase from the previous year. Pay equity means equal pay for work of equal or comparable value.

Over half of the organizations surveyed by Payscale plan to conduct a pay equity analysis based on gender or race, marking a first in the 13-year history of their Compensation Best Practices Report. The pay data and software firm surveyed 5,578 organizations from November to January.

Only 36% of respondents were aware of their gender pay gap, while only 29% were aware of their racial pay gap.

PhD student aims to produce 10,000 Black engineers by 2025. Employee took a three-month break with pay to go hiking in Europe. Company discovered a remedy for employee exhaustion: a four-day workweek.

Ruth Thomas, Paysale's pay equity strategist, emphasized the significance of workplace equity as a crucial topic.

A Payscale report found that women earn 98 cents for every dollar earned by an equivalent man, which amounts to a 2-cent pay gap when men and women with the same employment characteristics do similar jobs. Over a 40-year career, this disparity costs women $80,000.

While Black women earn 97 cents for every dollar earned by a white man when accounting for similar jobs and qualifications, Black men have a controlled pay gap of 99 cents.

Most companies are at the early stages of addressing the issue.

Thomas stated that many of them are currently concentrating on three main areas: committing to pay equity, achieving internal agreement on how to tackle pay equity, and then conducting the pay equity analysis.

Structural and systemic issues could take three to five years to address, while pay remediation tends to happen as part of an annual review, she said.

Since the 1990s, Medtronic, a global medical technology and services company, has been on a journey towards pay equity. As a federal contractor, it was obligated to adhere to federal rules. However, pay equity has evolved into a more strategic priority for the company, according to Carol Surface, Medtronic's chief human resources officer.

The company in the U.S. now has 100% gender pay equity and 100% pay equity for ethnically diverse groups.

Surface stated that an inclusive environment where people are treated fairly is crucial for driving innovation.

Yet even once pay equity is achieved, it requires ongoing attention.

Surface emphasized that the analysis must be conducted annually with a comprehensive focus on every country and job, and it is an ongoing process, not a one-time task.

War for talent

When searching for new employment during the current "Great Reshuffle," pay transparency and company culture are crucial factors to consider.

A 2020 Glassdoor survey revealed that 76% of job seekers and employees consider a diverse workforce an important factor when evaluating companies and job offers.

Thomas from Payscale stated that having more equitable and inclusive workplaces is crucial for attracting and retaining top talent.

She observed that employees are interested in learning about their employers' fair pay records and can easily access this information.

There is a worry that the war for talent could exacerbate inequalities as companies vie for candidates.

Thomas stated that the good practice he observed is when employers say, "Before hiring someone, I'll determine the fair salary range for this job."

If someone is paid above the level of existing talent, they make an effort to adjust their pay.

"Clearly, there are individuals who aren't doing that," she stated.

Emily Dickens, chief of staff and head of government affairs for the Society for Human Resource Management, stated that large companies may have an easier time increasing salaries.

How can a small company that is in the red and realizes the disparity be addressed immediately?

Unless a company has a substantial amount of cash reserves, it is not feasible to assume that an issue will be resolved promptly.

Although Medtronic has achieved full pay equity in the U.S., there is still much work to be done, Surface stated.

Ensuring equal representation in every level of the organization and in every job is crucial.

“That is a long-term commitment,” she said.

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