Taking a Proactive Approach to Achieving Pay Equity 1
1 . Taking a Proactive Approach to Achieving Pay Equity. 1. Nearly 60 years after the enactment of the Equal Pay Act of 1963, women working full-time year-round still on average earn …
FAQs about Taking a Proactive Approach to Achieving Pay Equity 1 Coupon?
How can a company achieve pay equity?
While achieving pay equity is a journey that cannot be accomplished overnight, organizations that begin taking steps toward pay equity by assessing and improving their current pay practices will be better positioned to remain competitive and build better workplaces that work for all. ...
Is pay equity a one-time action?
Most organizations that engage in pay equity reviews recognize that pay equity is not a one-time action; rather, it requires an ongoing and meaningful commitment to fair compensation practices. ...
How do you ensure pay equity in your organization?
Here are some best practices to help you ensure pay equity in your organization: Conduct a pay equity analysis: Employers should analyze their current pay structures to identify any disparities based on gender, race, ethnicity, or other protected characteristics. This analysis should involve examining total salary and benefits, including bonuses. ...
How do employers understand pay equity challenges?
Understanding an organization’s pay equity challenges begins with an analysis of its compensation data. Yet, new SHRM research found only 70% of employers conduct pay equity reviews or audits to identify possible pay differences between employees performing similar work that cannot be explained by job-related factors. ...
How do you achieve pay equity goals?
Regularly monitor and report on progress: Implement mechanisms to monitor and report on progress toward achieving pay equity goals. This may include conducting regular pay audits, tracking key metrics related to pay equity, and reporting findings to senior leadership and employees. ...
What is a pay equity plan?
This five-step plan outlines a structured approach to achieving pay equity with the primary goal of ensuring that all employees are compensated justly for their roles. New data shows a majority of employers are addressing wage discrepancies and promoting fair compensation, but a third don’t yet have a pay equity strategy in place. ...
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