A new report authored by The Josh Bersin Company makes the business case for pay equity; its substantial impact on attracting, engaging, and retaining top talent; and how quality data and specialized technology are the keys to getting it right. “Pay Equity: The Role of Data, Analytics, and Technology” is available here from workplace equity technology company Trusaic.
The comprehensive report includes:
- What HR leaders need to know about the role of technology and data in achieving pay equity
- The business case for pay equity
- What a pay equity audit is and how to conduct one
- The data needed for a pay equity audit
- The role of specialized technology and what to look for in a technology provider
- Actionable next steps to get started
- Case study examples in manufacturing and retail organizations
Increasing legislation and litigation around pay equity has forced the C-suite to address the issue of equitable pay and rewards. Risk mitigation aside, the report notes that companies that make rewards and recognition fair and equitable are:
- 5x more likely to have exceptional financial and customer results
- 5x more likely to accomplish outstanding people outcomes
- 6x more likely to innovate and adapt well to change
The new report provides comprehensive information on conducting a pay equity audit and the specific data, analytics, and statistical models required. It also includes sample data elements and the dimensions of data quality such as accuracy, timeliness, consistency, completeness, validity, and uniqueness of data. The report notes that pay equity audits are an iterative, complex process that benefit from specialized software like Trusaic’s PayParity® to conduct the analysis.
PayParity performs a pay equity audit, continuously monitors fair pay, and can be used to prevent new pay inequity from being created. It enables organizations to identify, monitor, and eliminate pay disparities at the intersections of gender, race/ethnicity, age, and disability, and comply with evolving U.S. and international pay equity regulations.
“Pay Equity: The Role of Data, Analytics, and Technology” from The Josh Bersin Company includes comprehensive criteria and the questions to ask when evaluating pay equity technology options. A section entitled, “Lessons from the Front Lines” contains real-world examples of how a manufacturing company and a retail organization worked with Trusaic to analyze and address their internal pay inequities.
At Trusaic, we believe the workplace should work for everyone. We are a workplace equity technology company committed to advancing social good by helping organizations achieve pay equity, foster a more diverse and inclusive workforce, assist economically disadvantaged individuals with finding work, and ensure employee access to affordable healthcare. With data-driven, people-centered solutions designed to solve HR’s most complex workforce challenges, our mission is to create a better working world.