On average, women earn $0.79 for every $1 men earn at work. The gender pay gap isn’t something new, and companies across the world are trying to remedy it because gender diversity isn’t just good for business, but it also makes hiring easier for companies. If a company is gender-diverse, like are likely to earn above-average revenue, and fewer people will apply to work at a company where a gender pay gap exists.
There are ways to promote salary equity at your company, and it takes analysis, commitment, and changes to how they hire and manage their employees. You can research more and talk to experts to receive a valuable pay equity audit.
- Conduct a pay gap analysis
- You can gather data and enlist an analyst to research your salary and bonus data by gender, department, tenure, age, education, and location.
- Make equitable offers
- Research shows that women and older workers are less likely to negotiate. You can make sure you leave less room for negotiation in your offers. Make sure you research pay scales annually and become transparent in your approach.
- Equalize performance reviews
- Promotions, performance reviews, and bonus distributions can be affected by unconscious bias relating to behavioral traits, favoritism, and male-based definitions of success. Make sure your workplace provides manager training and controls to ensure women and men are being evaluated fairly.
- Start the conversation
- Encourage work colleagues to use their voice and talk with them about closing pay gaps. Money or salaries can be uncomfortable to talk about, but it is important everyone is being heard and treated fairly for their work.
- Equal opportunities for advancement
- Make sure everyone has the same opportunity for advancement. Typically, women receive less feedback on performance, get fewer high-profiled assignments and have less access to mentorship. Companies can make sure everyone has equal access to people and opportunities that accelerate careers, and that people are not saddled with a disproportionate amount of “office housework,” such as organizing the Christmas party.
- Reward management
- Make sure your work is evaluating their work structures, job evaluation, base pay delivery, promotion guidelines, and bonus calibration. It has been discovered that pay gaps become more pronounced when women take maternity leave, leaving a gap in their career to make a family. This can be difficult to make up for, but, if your company has explicit paternity policies and encourages fathers to take childbearing breaks, as well, you can often see pay equity.
- Work culture
- Always review how inclusive your company is. This can be done through a diversity and inclusion survey, focus groups, or stakeholder interviews. Research has shown links between work performance and how employees experience work, how they are tolerated, and how they are encouraged.
