The Importance of Pay Equity
Fast Company, along with many other news outlets, recently ran an article about how the new male CEO of Yahoo will be making twice as much as Marissa Mayer, the former female CEO. Pay inequity between men and women in America is well documented and an occurrence many agree should be corrected. And there are good reasons for fixing the problem. However, this post isn’t about Yahoo. It’s about your organization, because that is where problems can begin to be solved.
If Fast Company published an article about pay discrepancies within your organization, what would it say? What if they talked about pay inequity based on race? If they asked you for your data in order to run an analysis, how would you even prepare it for them?
Having easily accessible data about pay as it relates to gender and race is the first step in determining whether there is a situation to correct. Adding visualizations to allow you to effortlessly catch troubling trends or compensation inequality makes analysis even easier. Combine those with experienced consultants who can walk you through the best practices for even the trickiest of compensation challenges and you’ll begin to wonder why Yahoo, or anybody, wouldn’t explore an automated compensation application.
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