Five steps toward greater pay equity
One in four people (including one in three women in senior or middle management) who responded to a recent Workhuman survey said they have felt discriminated against in their career. One way in which this discrimination occurs is through pay inequity as a result of unconscious and conscious bias and ingrained HR, talent management, and reward and recognition practices.
Our latest paper outlines five steps toward creating greater pay equity:
1. Bring more voices into the mix: gender differences are huge, but they’re not the be-all, end-all of pay equity…
2. Untie bonuses from salary rate: bonuses are often given as a percentage of annual earnings, so a person with an inequitable wage will earn a similarly disparate bonus.
3. Measure data around recognition and rewards: homegrown or do-it-yourself solutions, such as that stack of gift cards in the VP’s office, actually exacerbate inequity.
4. Create a culture infused with respect, regardless of industry.
5. Allocate just one penny per salary dollar to crowdsourced recognition: Setting aside 1% of payroll for a holistic, human-friendly recognition and rewards solution that offers an equal chance for all is one of the best ways to combat pay inequity.
Download our Five steps toward greater pay equity paper for more insights.
This article is provided by Workhuman.
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Workhuman is a provider of social recognition and continuous performance management software.