Pay Equity and Transparency Study 2023
Pay equity and transparency is a business imperative, a differentiator, and a legal requirement, but few organizations are executing effectively1. To help organizations better understand how they can achieve pay equity and pay transparency to attract and retain talent, in early 2023, we surveyed 1,011 global HR and business leaders, along with employees, from varied industries and demographic groups. The survey revealed strikingly different perspectives among respondents as well as several key hurdles to achieve parity.
5 Actions You Need to Take to Achieve Pay Equity in 2023
Get stakeholders aligned on goals for pay equity and transparency as a strategic priority.
Integrate a pay equity strategy as a critical business lever.
Redefine traditional pay philosophies that are barriers to inclusion.
Use data and technology to better understand & correct pay equity issues and scale progress.
Coach leaders to communicate transparently, regularly, and realistically.
What’s On ?
“We cannot speak more highly of the system and the people who work at Gapsquare. It’s been incredible and we’d be lost without it. The experience we’ve had has been amazing.”Sarah Underhill, Senior Reward & HR, Operations Manager, Osborne Clarke
1 Pay Equity: the concept of compensating employees who have similar job functions with comparably equal pay, regardless of their gender, race, ethnicity, or other status/protected characteristics. Pay Transparency: the degree to which employers are open about what, why, and how much employees are compensated.