The Pay Equity Shift From Do Right to Do Good Presentation
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The Pay Equity Shift From Do Right to Do Good Presentation
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The Pay Equity Shift From Do Right to Do Good Presentation
- 1. The Pay Equity Shift - from do Right, to do Good
- 2. Welcome Today’s Moderator Vicky Peakman Director of Social Impact Payscale
- 3. Meet today’s panellists Ashton Holt Associate Partner and Practice Leader, Global People Analytics Aon Ruth Thomas Chief Product Evangelist Payscale Doug Tapp Total Rewards Consulting Leader Deloitte Consulting Tom Mcmullen Sr. Client Partner and Total Rewards Expertise Leader Korn Ferry Richard Nassar Chief Strategy Officer USC Race & Equity Center
- 4. Today’s agenda Five questions for discussion with the panelists 1. Why this shift and a more strategic stance on pay equity? 2. What does pay or workforce equity across the talent lifecycle look like? 3. What impact do you think pay transparency laws and other emerging legislation will have? 4. How widely is this being adopted? 5. What do you think employers should be prioritizing next? Audience Q&A
- 5. Is pay equity analysis a planned or current initiative at your organization? • Yes • No • Not sure Let’s start with a quick poll
- 6. Is pay equity analysis a planned or current initiative at your organization? Pay equity intent is on the rise. For the first time in the history of CBPR, pay equity analysis is now something a majority of organizations are planning on doing. Source: Payscale’s 2022 Compensation Best Practices Report
- 7. Source: Payscale’s 2022 Compensation Best Practices Report Why is pay equity a planned or current initiative? (rank top 3 in order of importance)
- 8. There is growing recognition that sustainable pay equity is the end goal. Source: Payscale’s 2022 Compensation Best Practices Report
- 10. Why this shift and a more strategic stance on pay equity? Ashton Holt Associate Partner and Practice Leader, Global People Analytics Aon Richard Nassar Chief Strategy Officer USC Race & Equity Center Tom Mcmullen Sr. Client Partner and Total Rewards Expertise Leader Korn Ferry
- 11. What does pay or workforce equity across the talent lifecycle look like? Doug Tapp Total Rewards Consulting Leader Deloitte Consulting Ruth Thomas Chief ProductEvangelist Payscale Richard Nassar Chief Strategy Officer USC Race & Equity Center
- 12. What impact do you think pay transparency laws and other emerging legislation will have? Ruth Thomas Chief ProductEvangelist Payscale Tom Mcmullen Sr. Client Partner and Total Rewards Expertise Leader Korn Ferry
- 13. What is preventing your organization from reaching your pay transparency target? (select all that apply) • We lack confidence in the accuracy of our salary data • We don't have organized pay structures (e.g. job based ranges) • We are not confident in our pay strategy or structures • We are concerned that we have pay inequity issues • Leadership is unconvinced in the merits of pay transparency • Nothing - We're satisfied with our level of pay transparency Tell us what you think
- 14. How widely is a commitment to Pay Equity being adopted? Doug Tapp Total Rewards Consulting Leader Deloitte Consulting Tom Mcmullen Sr. Client Partner and Total Rewards Expertise Leader Korn Ferry Ashton Holt Associate Partner and Practice Leader, Global People Analytics Aon
- 15. Ashton Holt Associate Partner and Practice Leader, Global People Analytics Aon Ruth Thomas Chief Product Evangelist Payscale Doug Tapp Total Rewards Consulting Leader Deloitte Consulting Tom Mcmullen Sr. Client Partner and Total Rewards Expertise Leader Korn Ferry Richard Nassar Chief Strategy Officer USC Race & Equity Center What do you think employers should be prioritizing next?
- 16. What do you think employers should be prioritizing next? Review and resolve inconsistency in job architecture 1 2 3 Place emphasis on pay equity maintenance post- assessment Formalize strategy and approach for improving pay transparency Ashton Holt Associate Partner and Practice Leader, Global People Analytics
- 17. What do you think employers should be prioritizing next? Start by starting, if you have not done so yet. 1 2 3 Understand how to move to a sustainable pay equity approach. Measure effectiveness – both operational and perception. Tom Mcmullen Sr. Client Partner and Total Rewards Expertise Leader
- 18. What do you think employers should be prioritizing next? Get executive buy-in to an ongoing commitment to fair pay. 1 2 3 Build consistent practices and governance across the compensation cycle. Ruth Thomas Chief ProductEvangelist Revisit your compensation philosophy and challenge what role fair pay plays in this.
- 19. What do you think employers should be prioritizing next? 1 2 3 Richard Nassar Chief Strategy Officer Quality and completeness of employee demographics and experience data. Regular and periodic reviews of policies and procedures pertaining to compensation. Value qualitative findings of pay equity study as well as quantitative (statistical) findings.
- 20. What do you think employers should be prioritizing next? Ask and answer the question of why fair pay matters to your business. 1 2 3 Make a commitment to ‘fair pay’ and conduct analyses to understand the real numbers behind the words. Discuss the concept of transparency and determine what elements of your study will be communicated to your workforce. Doug Tapp Total Rewards Consulting Leader
- 21. Tell us what you think Which of these actions do you think you will make your priority? • Get leadership buy in • Ask and answer the question of why fair pay matters to your business • Commit to undertake analyses • Aim to collect quality employee demographics and experience data • Understand how to move to a sustainable pay equity approach Placeholder for screenshot
- 22. Audience Q&A Feel free to ask any questions in the chat!
- 23. Ashton Holt Associate Partner and Practice Leader, Global People Analytics Aon Thank you Ruth Thomas Chief Product Evangelist Payscale Doug Tapp Total Rewards Consulting Leader Deloitte Consulting Tom Mcmullen Sr. Client Partner and Total Rewards Expertise Leader Korn Ferry Richard Nassar Chief Strategy Officer USC Race & Equity Center Vicky Peakman Director of Social Impact Payscale