Jul 16 in 🔎 Research and Reports
Pay Equity Challenges and Actions
Although more companies say they’re striving for pay equity and transparency, about 34% still don’t have a pay equity strategy in place. This was revealed in a study by Beqom, which surveyed 875 U.S. and U.K. salary decision-makers. The results include a detailed breakdown by industry.
Industry Breakdown of U.S. Companies Without a Pay Equity Strategy
❗ Technology: 50%
❗ Healthcare: 50%
❗ Hospitality & Food & Beverage: 32%
❗ Retail: 25%
❗ Automotive: 23%
Of those companies with a strategy in place (64%), nearly half (49%) say their approach is hurting their ability to attract talent.
Pay Equity Issues Uncovered
🚩 65% wage discrimination
🚩 58% below-market salary ranges
🚩 57% promotion disparities
🚩 55% pay compression
🚩 52% lack of performance reviews
🚩 50% gender pay gaps
How U.S. Employers Are Taking Action:
✔ 82% listing salary ranges within new job descriptions
✔ 69% increasing salaries based on performance
✔ 69% implementing a process for continuous feedback
✔ 68% increasing salaries due to inflation and the cost of living
✔ 66% increasing pay to correct existing pay gaps and salary inconsistencies
These findings highlight the current state of pay equity and actions employers are taking to address challenges.
If you'd like to share your thoughts on these findings, let's start the conversation ✍
0
1 comment
Pay Equity Challenges and Actions
skool.com/the-one-minute-hr-8135
Discuss the latest HR Insights, Trends, and Voices. Stay informed effortlessly.
powered by