Pay equity seems like an obvious choice for companies, so what could go wrong with communicating your commitment to employees?
Pay equity has long been linked to enhanced business outcomes through improved recruiting, employee engagement and retention. A report by The Josh Bersin Group found that well-communicated pay equity was almost 13 times as important for employee retention and engagement as high levels of pay and benefits.
Leaders are increasingly addressing pay equity, but they’re still hesitant to talk about that commitment – and that hesitance creates a significant disconnect when employees don’t hear or see that dedication. Recent research from XpertHR and Executive Networks found that 75% of business leaders think their companies prioritize pay equity, but only 47% of employees say the same. With the positive impacts pay equity provides, it would make sense that companies would want to talk about it more. But it’s complicated.
Download this guide to understand why we won’t talk about salary (but we should) and how to effectively communicate your pay equity committment with your employees and stakeholders.