Today’s employees, consumers, investors, and legislators have reached a resounding consensus: Diversity, equity, and inclusion (DEI) in the workplace matters.
And not only does it matter, it should be at the top of employers’ to-do lists in an increasingly competitive labor market. Now more than ever, employers must assess how they can better serve their employees, and in turn, their communities. Number one on the list? Pay equity — ensuring that employees who perform similar work are paid fairly, regardless of their gender, race/ethnicity, or other protected class factors. In other words, equal pay for equal work.
“[E]quitable and fair pay is among the greatest drivers of employee satisfaction,” human resources research analyst and author Josh Bersin said in his HR Predictions for 2022 report. “[I]f you want to win the war for talent in 2022, fair pay may be one of your biggest techniques.”
But pay equity is more than just a competitive tool in a…
This article was written by Joanna Kim-Brunetti and originally published on hbr.org