Pay Equity and Compensation
“Pay equity” is the moral compass of an organization. It should guide its management, its workforce, and the methods by which the company compensates its employees. Moreover, pay equity is not just a concept, but a philosophy. It must be established by policy, supported by processes and must accompany the employee journey across the organization.
Compensating employees and workers fairly and equally—regardless of gender, ethnicity, or other factors—might seem a simple task, but in reality, it is quite the opposite. The establishment of “equal pay for equal work” has been hindered over the years and decades, even as all individual considerations have been taken into account. But now, organizations are accelerating their focus on pay equity as considerations of diversity, equity and inclusion (DEI) efforts come to the fore.