Pay Equity is becoming more of a hot topic, and companies need to make sure they are prepared for the upcoming surge in pay equity laws. We have rounded up some helpful statistics, maps, resources, and webinars to help employers address pay equity in the workplace.
Important Pay Equity Statistics:
- Women earn just 65% of what men make for the same work, which means the median salary for men is roughly 19% higher than the median salary for women. (World Economic Forum, 2020)
- 33% of companies have a formal budget that is allocated to closing pay gaps. (Circa, 2021)
- Companies noted that the goal of providing equitable pay is driven by being able to recruit and retain the right talent (46%), ensuring a sense of fairness (42%), enhancing performance (41%), and building a culture of trust (40%). (Circa, 2021)
- In FY 2019, 35.9% of OFCCP’s discrimination findings were cases of pay discrimination. (HudsonMann, 2020)
- Companies are using the following tools to measure pay gaps and pay equity including comparisons of pay among comparable jobs (55%), comparisons within pay bands (46%), clear pay for performance measures (41%), comparisons of bonuses and stock options (28%), and regression analysis (22%). (Circa, 2021)
- 60% of companies in the U.S. are working to resolve pay inequities based on race or other demographic factors. (SHRM, 2019)
- American Indian and Alaska Native women, black or African American women, and Hispanic women earn $0.75 for every dollar that a white man earns. This is 25% less than white men. (Payscale, 2020)
- The largest gap is between the earnings of black or African American women and white men. Black women make $0.97 for every dollar a white man with the same qualifications makes. (Payscale, 2020)
- The largest controlled pay gap is for black and African American, with black female executives earning $0.62 for every dollar a white male executive earns, which is down $0.01 from last year. (Payscale, 2020)
- Latino men earn $0.69 for every dollar white men earn. (Pew Research)
- 32% of women began looking for a new job when they learned of a wage gap. (Hired, 2020)
- 60% of women have discovered they’re being paid less than a male peer in the same role. (Hired, 2020)
Interactive Pay Equity Law Maps:
Pay Equity Webinars On-Demand:
Pay Equity Resources:
When looking to address pay equity, note it is just one piece of the broader problem of unequal representation of women and people of color in the highest paid jobs in management and leadership. Companies should look to prioritize equal pay and secure a formal budget for closing pay gaps, and remember that once started, companies must complete and rectify the issues found within their pay equity report.
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