Correcting Pay Inequities the Right Way (Roundtable Recording)Sep 24, 2021
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Many companies perform regular pay audits to ensure that people are paid fairly for equal work. This process has many benefits. Our research shows that companies feel that pay audits support them in living up to their corporate values, in creating fairer workplaces, in attracting and retaining employees, and mitigating risk.
The pay audit will often uncover situations that need to be addressed, indicating that some employees will be under or overpaid compared to people in similar jobs. One of the most challenging issues is addressing problems once they are uncovered. Companies often have funding to increase the compensation for those underpaid but need to make difficult choices on allocating these funds. Do they address only the biggest issues, or try to make strides across their employee population? Do they make these adjustments over time or all at once? Once they address problems, how do companies message pay adjustments to the recipients?
Watch to learn more about best practices on approaching these decisions. Listen to the in-depth perspective from Shalin Kothari, Vice President, Rewards Solutions at Schneider Electric, which has a robust and longstanding pay equity practice. We will also hear from Professor Margret Bjarnadottir, who founded PayAnalytics, a company that provides pay equity software and consulting and who has published insightful articles on this topic. Also sharing her perspectives Henrike von Platen, CEO and Founder of The Fair Pay Innovation Lab (FPI), and Gender and Diversity KPI Alliance Steering Committee Member. The FPI is a nonprofit which ensures best practice exchange, shows companies how to implement a pay system that is fair for all employees and awards them the UNIVERSAL FAIR PAY CHECK.