Building a Culture of Equality: Lessons from Companies Championing Pay Parity

In a recent online discussion organised by Mar. Introini, PhD G100 Global Networking Meeting , "G100 Event Sustainable Communities", esteemed personalities, including Rosalía Arteaga , Dr.hc.Violeta Bulc , Sanja popovic pantic , Karen Duys , gathered to discuss critical aspects favouring the creation of sustainable communities.

Our work environments are microcosmos in themselves, as such they can play a vital role in shaping societal values. It is therefore extremely important to prioritise and communicate the right values in these spaces. This is even more important for big companies/corporates.

?? In my talk, I looked at the half-full glass. There is an increasing number of companies that are adopting a holistic approach to achieve lasting change, from implementing fairer hiring practices to transparent pay scales.?I, therefore, looked at big companies' role in creating more sustainable communities and brought some examples to the table.

As a disclaimer ?? I should add that I was not there to defend or promote those companies, they certainly do not need me for that!

I started by referring to a recent report from 麦肯锡 . It mentions that building community, cohesion, and a sense of belonging at work is crucial to retain employees.?

The creation of this sense of belonging, in my opinion, becomes even more important in the aftermath of the pandemic that has triggered the universal trend called the #GreatResilation with thousands of people living their job in search of a purpose-full working experience.?

Here are ?? 5 key lessons I shared we learn from companies leading the way in pay parity and corporate transformation:

↘ CREATING A CULTURE OF EQUALITY? WITH A TOP-DOWN APPROACH

通用汽车 (GM), a male-dominated automobile manufacturer, has made significant strides in closing the wage gap. Maybe thanks to the fact that the company had a female CEO and CFO (?), GM has created a cultural revolution within the company by providing flexible hours and training boot camps for female employees, recognising that diversity encompasses more than just gender. If this has been possible in a male-dominated sector, maybe this lesson could be exported to other sectors.

?? ??MEASURE & TRANSPARENCY

欧莱雅 has achieved significant recognition for its commitment to equal pay and gender parity. By consistently auditing salary numbers and being transparent about the results, We know that #Transparency is a key factor in reducing the pay gap, hence any efforts in ensuring more transparency and also in being transparent about progress or the lack thereof should be prised. What is interesting is that L'Oréal - a company producing products for women but run by men - could set an example for other organisations. Because equality is not a women’s issue or worry but a societal issue.

?? ?? CHANGE YOUR BENCHMARKS FOR THE SALARY SCALE - DON'T USE THE PAST

星巴克 , instructed hiring managers not to consider candidates' previous salaries, but to define salaries on the basis of the job description and the candidate's experience. Thanks to this, Starbucks leveled the playing field and prioritised fairness in pay. Instead of looking at the past, companies can set new benchmarks, that are more innovative and that look at the future, at the working place they want to create.

??? INTERNAL TRAINING

PayPal recognised the need for more women in leadership roles and implemented gender diversity training for all employees. This training helped raise awareness of biases both among men - as well as women - and encouraged inclusive behaviors. The impact on the creation of a more equitable workplace was very significant is what the company is telling us. The focus on internal training is becoming crucial for many companies as a way to build that new sense of belonging by offering training and by spreading information about how to have more inclusive behavior at work.

?I also provided some more specific examples:

Visa : Visa maintains a commitment to equal pay for equal work globally. Men and women receive the same compensation for the same work, and underrepresented employees receive equal pay compared to their white peers in the US.

Meta : Meta aims to have 50% of its workforce comprised of women by 2024. The company has made significant progress in addressing representation and equality by increasing the percentage of women in technical and leadership roles by 26% over the last five years.

CONCLUSIONS

The discussions emphasised the significance of fostering a sense of belonging as a way to develop and implement equitable practices within companies and organisations.

Achieving pay equity is a challenging task that requires continuous effort. Companies seriously determined to build a new culture take decades to close their wage gap, highlighting the ongoing commitment needed for lasting change. It is crucial for companies to measure, work, and make adjustments while keeping pay equity as a core value for both employees and the business.

The Panel discussions were held in preparation for the G100: Mission Million Global Networking Meeting my colleague Mar. Introini, PhD is organising in Madrid on 12-13 June 2023 which I have the pleasure to support.

More info on the event is here: https://www.dhirubhai.net/events/annualmeetingg100globalnetworki7069391276827189248/