With the launch of our Salary Range Finder product, organizations can use the tool to prevent pay inequities from entering their workforce.
The data-driven tool is simple in concept. Employers use the Salary Range Finder 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 Lightcast 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.
Salary Range Finder 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 Salary Range Finder, 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. Salary Range Finder 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 Salary Range Finder, you can get started today.
To learn more about Salary Range Finder visit the Trusaic website below.
Conducting a pay equity audit is a key component to ensuring equitable compensation within your organization. Just as important as the analysis is how you communicate findings and progress with various stakeholders. Download The Pay Equity Communications Planner to learn best practices for discussing compensation, both internally and externally.