Pay Equity Roadmap: Options & Methods to Start the Journey

Publisher: Berkshire

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Pay Equity Roadmap: Options & Methods to Start the Journey

Between state transparency laws that are becoming more prevalent each year and an increased social awareness of fairness in compensation, pay equity has never been more important in businesses than it is now. A study from Harvard Business Review in 2022 reported that 74% of executives consider pay equity a moderate or high strategic priority. And yet, that same report found that only 41% of employees had successfully achieved pay equity. Why have employers struggled to achieve their goals in this regard? Part of the issue is that many organizations don’t know where to begin, and equity can refer to both internal equity and external market equity. There are different options and methods available to start the journey without an obvious road map. The goal of this paper is to provide that roadmap.