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Many companies are tackling the issue of equality in the workplace, which includes addressing racial and gender inequalities. Lauren Hudson shares how one company is leading this effort.
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A new survey about pay Equity from Harvard Business Review⁽¹⁾ and UKG⁽²⁾, sheds a light on the challenges companies face when tackling the pay gap.
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Brian K Reaves chief diversity officer⁽³⁾ at UKG shared the top findings. - Well the study confirmed what UKG believes, and what I personally believe is the topic of pay equity is incredibly complex.
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That's why at UKG we believe in the the terminology of ecosystem of equity where not only do you need equity of compensation, you must have equity of representation, equity of opportunity and equity of well-being.
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Because without those, you won't be able to deal with some of the systemic issues of pay equity with regards to the study.
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One of the stats that jumped out to me is the fact that 74% of executives consider pay equity a higher moderate strategic priority, but nearly half of them 49% report that they don't have a pay equity plan in place.
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The difference between intention andimplementation is large, but not so large it cannot be overcome.
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Melissa Thomas-Hunt, a professor at the University of Virginia's Darden and Batten School explains:
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What we do know is that companies have to broaden the lens that they use to examine pay equity.
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They have to look more carefully at historically marginalized groups, the LGBTQIA plus⁽⁴⁾, community individuals who identify with disabilities, the broader array of individuals racial and ethnic identities.
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And oftentimes they don't do this, because either it's really hard to get the data, or they're very small numbers, but we have to push past that.
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Mr Reaves also says he hopes other businesses use their findings to keep this conversation going.
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Definitely go to www.UKG.com/closethegap where you'll find not only the study, but other educational resources, because it'll take all of us to get pay equity for all.