Every August, National Women’s Equality Day is recognized and celebrated throughout the United States. The day focuses on everything from equal rights to leveled pay for women in the country. While equal pay in particular has been progressing over the years, Time reported that the gap in pay has actually gone the other way, widening by .1 percent for full-time workers with weekly salaries.
Organizations have made big strides toward equality in the workplace, but there’s obviously still a lot of work to be done. While your organization may not be able to solve the entire problem for the whole country, there are steps businesses can do to instill a better environment and create better pay equality.
Review Benefits of Compensation
Some companies lag behind pay equality because they don’t keep up with the trends and averages for gender and race in terms of pay. Work with your HR leaders to figure out where you are as a company with pay equality and then adjust disparities that show up. Track how compensation matches up to different groups of employees and make decisions from there.
Also, look into industry averages and use them as benchmarks for your hiring and pay practices. Look into the averages of female and minority employees in senior roles and check their salary. Is it on par with your industry? You would want to avoid legal issues that come from salary problems among your employees. You can also avoid such issues like paying for loss of equipment or suffer property damages with a business owner policy (BOP).
Enforce Pay Transparency
While organizations and the people working in them like to keep their salaries private, this is actually something that can bolster inequality in pay. If employees know how much everyone is getting paid, this can make it harder to provide unfair compensation. It puts everything out in the open.
One other option, besides putting everyone’s pay out in public, is to make raises and bonuses a group decision for managers. This will force a conversation among executive and senior members to validate a raise or raises among a team.
Adjust Salary Negotiations
Salary negotiations have the ability to put women and minorities in an unfair disadvantage. Make salary decisions for new employees coming aboard based on the industry benchmarks mentioned above. Look into these averages for specific roles and levels and stay up to date on what your new employees are already expecting.
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