In mid-November 2020 as part of a webinar with several pay equity thought leaders and founders, I was asked the question: “Why has pay equity been a big focus for you recently?” You can see what I said in the video above👆, and I summarized my thought below👇 and on social media.
Why work on pay equity, you ask...?
1) it's foundational to being a good employer
2) it's a solvable problem with a known playbook
3) it helps attract and retain diverse talent, which is correlated with better biz outcomes
1) If you think about employment in the framework of Maslow's hierarchy, paying someone fairly for their work is at the very bottom of the foundation. Employees will have limited patience to talk about much else until you can tell them with confidence that you are paying them fairly and consistently.
2) Pay equity has a known playbook, that if executed, will work. Period. Some other parts of HR require a more nuanced, layered, staged approach, or don't have an easily-distilled playbook (e.g., org design, creating a culture of accountability, etc). Pay equity does. Doing the work gets results.
3) Pay equity is good for business and investor returns. It is a keystone in a great employment experience that attracts and retains all employees, including diverse and underrepresented employees. Diversity is highly correlated with stronger business outcomes. As such, I have a core belief that this practice exists in lockstep with great returns.
Pay equity = no brainer.
Inequity still exists in the workplace, even among the most “progressive” employers, and pay inequity is inexcusable because it’s fixable! This doc is one way I’m sharing some of the insights and best practices I’ve gleaned, and I hope it will help you and your teams move forward in the right direction.