Salary.com, a compensation management company, has developed a new tool to help employers identify pay disparities based on gender,
Currently, women make 83.4% of men’s median weekly earnings, according to the Bureau of Labor Statistics. If things continue to progress at their current rate, it will take 250 years for women and men to receive equal pay, according to the United Nations.
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Salary.com’s Pay Equity Reporting Toolkit gives employers insights into why such gaps exist within their organization and then provides resources and solutions regarding the corrective actions that can be taken. The modules look at different jobs within a company, analyze the average salary and make comparisons between each employee with the same title to see where and why there are gaps.
“Companies are increasingly recognizing that diversity and inclusion has tremendous business benefits that they wouldn't have without it,” says David Cross, senior compensation consultant at Salary.com. “If companies are paying fundamentally lower to women, they won't keep women [in the workforce].”
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Pay equity is one piece employers have vowed to address with diversity and inclusion efforts. Indeed, almost 2,000 CEOs at some of the world’s leading companies and business organizations have signed the CEO Action for
“Pay equity legislation and diversity, equity and inclusion initiatives have led employers to review their compensation practices on a recurring basis,” Cross says. “This renewed focus is beneficial to both employers and employees, as paying equitably helps companies acquire and retain the best talent, build employee engagement, increase innovation and improve business performance.”
