The webinar is available on-demand below
How to Close Your Company's Pay Gap
Compensating employees fairly is something that all managers and HR professionals try to do. Unfortunately, pay disparities still exist—and they often follow gender and racial lines.
The Equal Pay Act was signed back in 1963. Decades later, the gender pay gap remains one of the most pressing issues in HR. On average, U.S. women earn just 80 cents to the dollar. The disparity becomes even wider when Hispanic and African American women are singled out.
HR professionals are responsible for ensuring that employees are paid fairly and have equal opportunity in the workplace. But how can they deliver on that promise? This presentation will:
- Check in on the status of the U.S. gender pay gap.
- Highlight federal, state, and local legislative updates relating to pay equity.
- Prepare your team with the resources necessary to begin the conversation.
- Discuss how to effectively read compensation data and identify problem areas.
- Offer advice on rectifying pay disparities at your company.
Q&A From The Live Webinar
How do we help educate women on how to negotiate salaries to help close the pay gap? Negotiation skills are a necessary skill set that proves beneficial across many aspects of one’s career, even beyond salary negotiation. The Forte Foundation and Athena Alliance are two resources that provide women with the educational resources to further propel their careers.
We are currently going through a compensation study, a recommendation in changing salary ranges was given to address pay gap with new hires, however there was no recommendation in addressing the pay gap and pay disparity for the tenured staff. What is the best approach in resolving pay difference with tenured staff? With tenured staff, you will want to total up the amount of the gap for all those employees who were highlighted to determine overall budget impact. If you can obtain budget approval to make the changes at once, then you can proceed with developing a communication plan to explain that compensation is being adjusted based on a recent study to bring them up to market (or to whatever point the company pays at - some companies lag while others lead market) or to the company's new point for that position based on their tenure (and performance, credentials or any other objective factor that you may be considering in setting compensation). If you are unable to make a sweeping change, you can work with finance to develop a more aggressive budget for your periodic pay increase cycles or more frequent allocation of increases for those employees facing the gap. Either way you will need to work with finance to secure the budget and timeline for the changes and have a strong communications plan to convey the changes and the company's commitment to competitive and equitable compensation.
Webinar Poll Results
Have you ever heard of someone being paid less than a peer of another gender, in the same role? Yes - 73%, No - 28%
Is your team currently conducting equal pay audits? Yes - we are conducting simple pay audits using gender and ethnic information - 22%, Yes - we are conducting advanced pay audits with a data analyst - 6%, We've considered implementing equal pay audits and plan to implement these audits in the future - 41%, We have yet to consider the thought - 31%.