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Webinar - How to Prepare for a Pay Equity Analysis Series Ep 3: Take Action

Join our bench of pay equity experts as they walk through the critical steps involved in tackling your pay equity issues and communicating your findings.

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How to Prepare for a Pay Equity
Analysis, Ep. 3: Take Action
Today's Presenters
Becky Wood
Director, Insights & Analytics
Vicky Peakman
Director of Product Management -
Data Products
Chris Iversen
Principal Pay Equity Consultant
3
Pay equity analysis series
What you will learn:
• Key considerations before starting your
journey
• How to prepare for pay equity analysis
• How to plan for remediation and take
action
• How to work towards sustainable fair pay
• How technology can support you
Payscale’s pay equity approach
Commit Diagnose Take action Sustain
Today’s agenda
• Best practice tips for taking action on pay equity analysis
outcomes
• How to explore regression findings, pay gaps and outlier data
in the context of pay analysis groups
• Why you should consider both pay and non pay remediation
actions
• Key considerations before communicating pay equity
outcomes
Poll 1: How far does your
organization intend to take pay
equity in the next year or two?
❑ We will make a commitment to understanding pay equity
❑ We will measure our pay gaps (conduct pay equity
analyses)
❑ We will remediate to close pay gaps
❑ We will establish procedures to maintain pay equity
❑ We will investigate systemic reasons for inequality within
the workplace
❑ We will set goals to actively solve inequalities within the
workplace
❑ We are not interested in doing this

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Webinar - How to Prepare for a Pay Equity Analysis Series Ep 3: Take Action

  • 1. How to Prepare for a Pay Equity Analysis, Ep. 3: Take Action
  • 2. Today's Presenters Becky Wood Director, Insights & Analytics Vicky Peakman Director of Product Management - Data Products Chris Iversen Principal Pay Equity Consultant
  • 3. 3 Pay equity analysis series What you will learn: • Key considerations before starting your journey • How to prepare for pay equity analysis • How to plan for remediation and take action • How to work towards sustainable fair pay • How technology can support you
  • 4. Payscale’s pay equity approach Commit Diagnose Take action Sustain
  • 5. Today’s agenda • Best practice tips for taking action on pay equity analysis outcomes • How to explore regression findings, pay gaps and outlier data in the context of pay analysis groups • Why you should consider both pay and non pay remediation actions • Key considerations before communicating pay equity outcomes
  • 6. Poll 1: How far does your organization intend to take pay equity in the next year or two? ❑ We will make a commitment to understanding pay equity ❑ We will measure our pay gaps (conduct pay equity analyses) ❑ We will remediate to close pay gaps ❑ We will establish procedures to maintain pay equity ❑ We will investigate systemic reasons for inequality within the workplace ❑ We will set goals to actively solve inequalities within the workplace ❑ We are not interested in doing this
  • 7. Take Action stage Explore regression findings, pay gaps and outlier data in the context of pay analysis groups Consider pay and non-pay actions Communicate actions
  • 8. Exploring outcomes 8 Perform PAG analysis Explore regression, pay gaps, and outlier analysis in the context of Pay Analysis Groups Review in cohorts within Pay Analysis Groups Model remediation Model pay remediation scenarios for each Pay Analysis Group to close pay gaps Summarize results
  • 11. Exploring outcomes Assessing results Pay remediation philosophies Model remediation scenarios Controlled and uncontrolled pay gaps Strength of the model Statistics of the variables Establishing cohorts Protected Characteristic Impact Outlier Analysis Budget Model Remediation Summarize results
  • 12. Why is it that there is so much noise within pay regression analysis?
  • 13. Agree pay and non-pay actions What communication and training needs have come out of this analysis? How can you make sure that you don’t have to make the same remediations next year? What other structural changes are needed? Should you do a review of factors that could potentially be biased? Are the business factors that contribute to pay variance aligned with your compensation philosophy? Do you need to review your Pay Analysis Groups?
  • 14. 14 Identifying non-pay actions # of Applicants # of Leavers by Level Performance Against KPI Outcomes Balance of Shortlists # of Senior Leadership or Fast Track Eligibility for Incentive Plans # of Successful Applicants Progression Take Up on Employee Benefit Plans Attendance on Training Programs New Hire Salaries # of Requests for Flexible Work Comparisons of Part- Time Staff vs. Full- Time Staff Performance Rating Distribution Average Pay Awards # ad-hoc pay adjustments Recruitment Pay
  • 15. Poll 2: Which of the following are you currently monitoring by protected characteristics (select all that apply)? ❑ Analysis of controlled pay gap (equal pay) ❑ Analysis of uncontrolled pay gap (opportunity gap) ❑ Overall representation/headcount distribution ❑ Talent acquisition lifecycle analysis ❑ Promotion/progression analysis ❑ Performance ratings analysis ❑ Turnover distribution ❑ Average pay allocation ❑ Ad hoc/out of cycle pay adjustments ❑ None of the above
  • 16. “You cannot fix pay equity by just remediating pay. You need to understand whether everyone has an equal opportunity to earn the same.”
  • 17. How to communicate What are you going to communicate? • Pay remediation? • Tackling structural issues? • Review of pay and people policies for pay bias? How comfortable are you with the results? How transparent are you about pay generally? Is this the first time you have performed a Pay Equity Analysis? Who are you going to communicate the results to?
  • 18. Communicating to Stakeholders Leadership Team Need to be part of the solution. DEIB strategies work best where there is change driven top down. Paint the whole picture - the level of risk, the cost to fix and where underlying root causes or systemic issues lie. Provide informed solutions and present actions. Management Discuss outcomes and proposed solutions simultaneously. Explain how you expect them to contribute - accountability is key. Recognize that they are key to consistent employee messaging - prepare them for this.
  • 19. Communicating to Stakeholders Employees Set against context of your culture and pay transparency approach. Emphasize fair, competitive pay that reflects your compensation processes. Be prepared for misinterpretation. Outline commitment to action on systemic issues. Public and wider Can have a greater impact on employees internally and is a wider demonstration of commitment. What you are comfortable disclosing? What do analyses say? Emphasize “fairness” rather than “equality”. Pledge a commitment to fair pay rather than specific steps.
  • 20. Pay Equity Messaging Tips • Start by expressing commitment to fair, competitive pay that reflects your compensation philosophy. • Focus on the headline outcomes of the analyses followed by the plan to address them. • Public statements tend to be short and well drafted, having decided what the company is comfortable disclosing. It’s advisable to emphasize ‘fairness’ rather than ’equality’ and pledge a ‘commitment’ to fair pay rather than specific steps. • Organizations rarely fix pay equity in their first round of analysis, particularly because employees are continuously transitioning in and out and impacting analytics. • It’s more authentic to explain that the route to pay equity and equality is a journey and that there’s intent to share the progress continuously and overtime. Communicating incremental progress builds trust. • Treat communicating your pay equity outcomes as an opportunity to demonstrate your commitment to DEIB.
  • 21. Poll 3: How far have you, or are you planning to, communicate your pay equity outcomes? ❑ To the project team only ❑ To senior executives only ❑ To managers only ❑ To all employees ❑ Make a public commitment ❑ We have not undertaken analysis so far
  • 22. Key takeaways What is our definition of a closed gap? Look from multiple perspectives. Identify PAGs – Do we need to re-think next time? Try another strategy that better aligns with our philosphy? Communication must be undertaken in a thoughtful manner with the audience in mind Both pay and non-pay actions may be required for true remediation Retrospective assessment – what went well/what didn't? What will make the next time easier/better? This is not the end of your pay equity journey, to not undo all of your work you must thoughtfully sustain your pay equity practice.
  • 23. What’s next? Watch for episode 4 in the How to Prepare for Pay Equity Analysis Series: Sustain Dig into more pay equity resources from Payscale
  • 24. Q&A Feel free to ask any questions in the chat!