Getting Started With Pay Equity (Practices)Apr 21, 2022
How Barilla, Boston Scientific, and Deloitte ensure equitable compensation.
Fact: Across the globe, men out-earn women. The size of the gap in wages between women and men varies substantially by racial and ethnic group, but nearly all women experience a wage gap.
To close the global gender pay gap, two issues need to be addressed:
- Achieving pay equity, which is equal pay for equal work, and
- Increasing the representation of women in higher-paying jobs.
While the gender pay gap and pay equity are related, these terms are not interchangeable. Specifically, you can achieve pay equity, but unless you close the representation gap at all pay levels, you will continue to have a gender pay gap.
Organizations must address the gender pay gap because it continues to negatively impact women. Some governments have introduced and passed legislation such as pay transparency requirements, the prohibition of salary history disclosures, and wage or salary reporting by gender—all with varying degrees of success—to try to close the gender pay gap. While these efforts narrow the gender pay gap, organizations need a holistic approach to close and continually monitor the gap.
Learn how three companies have achieved pay equity in their organizations by conducting close examinations of their workforce and compensation data and implementing accountability mechanisms, with measurable and successful results.
How to cite this product: Getting started with pay equity (Practices). (2022). Catalyst.