Compensation management platform Salary.com has announced the launch of its Pay Equity Reporting Toolkit on Equal Pay Day today.
Its new capability helps companies to assess where and why pay gaps exist, confirmed the company. As firms prioritise identifying potential pay disparities within their organisations, 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.
The Pay Equity Reporting Toolkit also provides the tools needed to assess where pay discrepancies exist, giving companies valuable insights into why such gaps exist; as well as the corrective actions they can take.
GETTING PAY RIGHT
The standard reports in the new pay equity reporting toolkit are analysed by job, family, level or grade across gender, ethnicity or age, all of which can be customised, said the company. For example:
- 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
“Given that today is Equal Pay Day, it’s particularly meaningful to the Salary.com team to launch this expanded pay equity capability,” stated 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, organisations have a solid foundation on which they can build a sound workforce plan and get pay right.”
Sign up for our newsletter
