With most job applicants wanting to know the salary before they apply to a new job we are looking into if pay equity matters more than pay rate? We are breaking it down here.
PAY EQUITY MAY MATTER MORE THAN PAY RATE
"Communicating clearly about pay equity is nearly 13 times as important for employee retention and engagement as talking about “high levels of pay and benefits,” according to a March 14 report from The Josh Bersin Co., a human capital advisory firm.
Although equal pay for equal work may appear straightforward, most companies still struggle to meet the goal. About 71% of executives say pay equity is a critical component of their business and people strategy, yet 95% of companies are failing to achieve pay equity maturity, and only 14% have allocated budget and staff to address the challenge, according to the report." Learn more
WHAT IS PAY EQUITY? DEFINING THE PROBLEM BEFORE IT CAN BE ADDRESSED
"Do you know the significance of March 14, 2023? The National Committee on Pay Equity has designated this date as Equal Pay Day. It symbolizes how far into the year women must work to earn what men earned in the previous year. The organization encourages wearing red on this day to represent how far women are “in the red” with their pay.
If that sounds troubling, realize that Equal Pay Day comes even later in the year for women of color. It typically takes into August, September, and October for black women, Native American women, and Latinas, respectively, to catch up to what white, non-Hispanic men earned the year before. U.S. Census Bureau figures reveal women make about 83 cents for every dollar earned by men. They earn less than men in nearly all occupations – even in Hollywood actresses earn roughly a million less per film than actors working on the same project – and women earn less than their same race and ethnicity counterparts at every level of educational attainment." Learn more