A New Perspective: Pay Equity and How to Achieve It | Sessions
Pay equity is having more than a moment - consider it a movement. Beyond legal ramifications, organizations that don't address it risk losing the war for talent. These times call for an expanded view of pay equity: equal pay for comparable work that is internally equitable, externally competitive and transparently communicated. This session will discuss recent survey findings that reveal employee views on pay equity and where organizations feel they are falling short and introduce a framework to achieving pay equity. More than a third of employees told us they want to know that their organization supports both internally and externally equitable pay. They also shared experiencing a major communication void around pay: of the just 50 percent of employees that have asked a manager how their pay is determined, more than half said they couldn't get a satisfactory explanation from their manager. Worse, 17% couldn't get an answer at all. When addressing the complexities of pay equity, it's best to have a methodology for approaching the issue. This session will offer an overview of the Plunkett Pay Equity Method, a framework that prescribes a continuous pay equity analysis (CPE) method for compensation management, with a six-step benchmarking and employee communication process. These times of economic, business, and societal disruption have revealed an urgent need to address pay equity and make the process standard operating procedure. This presentation will show an achievable and sustainable path to pay equity.
- A look into pay equity perceptions and challenges from recent employee and employer survey data.
- A new perspective on pay equity, informed by employee and employer feedback: equal pay for comparable work that is internally equitable, externally competitive and transparently communicated.
- A framework that prescribes a continuous pay equity analysis (CPE) method for compensation management, with a six-step benchmarking and employee communication process.
In-person session offerings are on a first-come, first-served basis.
Brought to you by: Salary.com