IN THE BATTLE FOR TALENT, BUSINESSES ARE BEGINNING TO DEDICATE THEMSELVES TO ACHIEVING PAY EQUITY AND PAY TRANSPARENCY ACROSS THE GLOBE.
Pay equity across gender, race, and the intersections of gender and race, should be areas of focus for all global organisations, and one of the ways to reach these goals is to actively participate in global surveys and conversations to further advance fairness in the workplace.
In this piece, Lynn Moffett, Vice President of Human Resources at BMC, looks at the importance of pay equity and how organisations can reinforce their commitment to it. She believes creating salary data sets from industry best practices, external surveys, and benchmarking will ensure that enterprises remain competitive and compliant.
Lynn is the Vice President of Human Resources at BMC, where she leads teams and projects that drive BMC’s work experience. She is passionate about creating and supporting an inclusive work experience that is aligned with BMC values and meets the needs of today’s employees.
IN AN INCREASINGLY COMPETITIVE LANDSCAPE, MANY BUSINESSES ACROSS THE GLOBE ARE SEEKING NEW WAYS TO BE AN EMPLOYER OF CHOICE.
One of the most effective ways to stand out from the crowd is by demonstrating corporate social responsibility (CSR) and taking a strong stance on matters of diversity, equity and inclusion (DEI), from championing diverse representation to ensuring pay transparency and pay equity.
During the pandemic, as remote work became the new normal, it became apparent to employers just how many jobs women hold beyond their formal career. As a result, organisations have recognised that it is critical to establish cultures that recognise those multi-faceted commitments, such as being the primary caretaker for families that include not just children but aging parents, too. Extending those flexible working arrangements is one way that companies can build better, more inclusive, and supportive workplaces, but a commitment to pay equity and transparency goes further to tackle inequity in the workplace.
Pay equity and transparency reduces pay inequities across gender, ethnicity, and sexual orientation. It pushes organisations to be more consistent in rewarding observable performance, while also encouraging individuals to focus on performance metrics. By ensuring pay is equal, enterprises can increase efficiency, creativity, and productivity and reduce turnover.
BEST PRACTICES
To prove they are delivering on pay equity and transparency, organisations can seek accreditations that hold them accountable for their initiatives. Fair Pay Workplace is a non-profit organisation that provides certifications to companies that meet a transparent and trusted set of rules and standards established by leading independent academic and business industry experts to differentiate organisations dedicated to true pay equity.
In addition to this, enterprises can conduct internal surveys that give employees a platform for honest dialogue about their experiences and their satisfaction levels. This ensures all members of staff have access to a safe space to provide feedback, foster open discussions, and learn from individual and shared experiences.
Today, there is an important cultural workplace shift as more women turn to science, technology, math, and engineering (STEM) careers. As more women move into and ascend in these fields, it is essential for organisations to acknowledge their gender pay gaps and set clear, tangible goals to reach equal work, equal pay, and a more equitable and inclusive world.
