We are pleased to announce the launch of our Equal Pay Estimator product. Today, organizations can begin using the tool to prevent pay inequities from entering their workforce.
The data-driven tool is simple in concept. Employers use the Equal Pay Estimator when extending a job offer to a prospect to ensure that the compensation package is fair and competitive. The Estimator analyzes employee details against labor market rates and internal ranges to calculate real-time pay recommendations for HR professionals.
External labor market data and analytics are powered by Emsi Burning Glass, an organization that offers access to the world’s large database of job openings and career histories from more than 40,000 sources, in more than 30 countries.
Equal Pay Estimator is a critical tool for combating pay discrimination in the workplace because it prevents it from ever gaining a footing by helping employers make equitable salary offers every time.
And the tool release comes at an important time in the fight for equal pay. New data demonstrates that a pay gap of just $1,000 could result in a total loss of roughly $500,000 over the course of a professional women’s career. Data issued by the National Association of Colleges and Employers (NACE) confirms that the wage gap between men and women does in fact begin right out of college.
The Equal Pay Estimator, therefore, solves a longstanding problem at a critical time. If every organization were to implement the tool tomorrow, every job offer thereafter would be an equitable one, void of any pay discrimination.
The tool integrates with PayParity, our all-in-one diversity, equity, and inclusion (DEI) software. Together the two combat pay discrimination in a way not yet seen before. Equal Pay Estimator requires no additional configuration and pulls the information directly from the PayParity pay equity analysis. With real-time results, you can reduce the number of pay remediation plans and focus on creating an equal pay workplace.
The time to achieve equal pay is now. And with the Equal Pay Estimator, you can get started today.
To learn more about Equal Pay Estimator visit the Trusaic website below.
Organizations that conduct a pay equity audit must communicate their progress and achievement along the way. To help you faciliate discussions around compensation, we created the Pay Equity Communications Planner.