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As diversity and inclusion continue to be a priority for firms nationwide, many have prioritized pay equity. One way that firms can get closer to their goal? Transparency around their compensation philosophy.
A compensation philosophy is a statement that communicates the overall direction of the firm’s compensation or compensation programs. In 2019, 70% of firms either had a compensation philosophy or were working on creating one for their firm, according to Payscale.
Maddy Simpson is a reporter for Employee Benefit News and Employee Benefit Adviser. Contact her at madeline (dot) simpson (@) arizent (dot) com.
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