Expanded pay equity capability helps companies assess where and why gaps exist
By: PRNewswire | March 25, 2021
Salary.com, the compensation management solution providing more of the trusted data and intuitive software organizations need to get pay right, today announced the launch of the CompAnalyst Pay Equity Reporting Toolkit. As companies prioritize identifying potential pay disparities within their organizations, the timely launch of this Toolkit allows for a deeper dive into identifying differences in pay based on gender, race, age, or any basis of comparison that a company finds important. As part of CompAnalyst®’s Reporting and Analytics Module, the Pay Equity Reporting Toolkit provides the tools needed to assess where pay discrepancies exist, giving companies valuable insights into why such gaps exist, and the corrective actions they can take.
The standard reports in the new Pay Equity Reporting Toolkit are analyzed by job, family, level or grade across gender, ethnicity or age, all of which can be customized. Among the types of reports offered are:
- Pay Equity at My Company
- Pay Equity by Ethnicity, Gender or Age
- Equal Pay for Equal Work
- Individual Employee by Job
- Average Pay Spread by Gender
The Pay Equity Reporting Toolkit is best leveraged in tandem with Salary.com’s other tools as part of a workforce planning suite, including:
- JobArchitect™, which streamlines job description management by offering guidelines for jobs with similar duties, responsibilities, and leveling based on matching, which is critical when looking for pay disparities.
- CompAnalyst Market Data, an HR-reported compensation database that ensures that once the content of jobs is defined, HR can understand any pay differences that might exist compared to the market.
“Given that today is Equal Pay Day, it’s particularly meaningful to the Salary.com team to launch this expanded pay equity capability,” said David Cross, senior compensation consultant at Salary.com. “Pay equity legislation and DE&I initiatives have led employers to review their compensation practices on a recurring basis. This renewed focus is proving beneficial to both employers and employees, as paying equitably helps companies acquire and retain the best talent, build employee engagement, increase innovation, and improve business performance. By using our Pay Equity Reporting Toolkit alongside JobArchitect and CompAnalyst Survey Data, organizations have a solid foundation on which they can build a sound workforce plan and get pay right.”
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Source: HrTech Cube