Today’s employees, consumers, investors, and legislators have reached a resounding consensus: Diversity, equity, and inclusion (DEI) in the workplace matters.
What It Takes to Be a Fair-Pay Workplace
A framework to assess and improve your organization’s pay practices, rate of progress, and long-term goals.
December 12, 2022
Pixel Stories/Stocksy
Summary.
Pay equity is more than just a competitive tool in a red-hot labor market. It’s an opportunity to foster innovation, drive employee engagement, minimize turnover, maintain (or improve) brand reputation, and attract investors. With so much to gain from making pay equity a priority, employers who merely pay lip service or treat it as a one-off do so at their own risk, opening themselves up to public backlash and legal action — especially with more pay equity-related laws being enacted across the U.S. and abroad. To help employers understand where their organization is regarding pay equity, the author suggests a three-level framework that allows organizations to evaluate their current pay practices, progress, and long-term goals.