YPHR talks #EqualPayDay

Let’s Talk about Equal Pay Day:?? March 12, 2024

According to the National Committee on Pay Equity (NCPE), Tuesday, March 12, 2024 “symbolizes how far into the year women must work to earn what men earned in the previous year.”?? Tuesday has been specifically chosen by the NCPE to symbolize how far into the next work week a woman must work to earn what men earned the previous week.? So, let’s look at what the data shows, talk about the benefits of closing the pay gap, and discuss a few strategies employers can take to achieve pay equality.?

Why is it important to have this conversation?? The data speaks for itself, look:?

Data from the 2022 US Census shows that (based on year-round, full-time workers):

• For every $1 a male worker earns, a female worker earns $.84.
• For every 12 months a male worker earns, a female worker must work 14.5 months to receive equal pay
• For every 5 working days a male worker workers, a female worker must work 7 days to receive equal pay.?
• The data gets more extreme for minority women.?Additional Census information can be found here:? https://www.census.gov/content/dam/Census/newsroom/press-kits/2023/iphi/20230912-iphi-slides-iphi-with-plotpoints.pdf

So, let’s discuss the importance Gender Equality in the Workforce: ?

The overall goal of gender equality in global workforces is to achieve equal opportunities and outcomes for both women and men; it is not just a matter of fairness, but rather it is IMPERATIVE for fostering a more inclusive and productive economy.? When women are fully able to contribute their skillset to the workforce, they can bring innovation, higher productivity, and different perspectives to the forefront.?

As an employer, why is workplace gender equality important?

As employers, achieving gender equality in your organization offers many benefits, including:

• Increased visibility (positive workplace reputation), which lends itself to a higher likelihood of attracting and retaining top talent.
• Increases satisfaction, commitment, and motivation of employees, thus supporting higher retention rates of employees.
• Enhances your organization’s external reputation, thus creating higher customer demands, and increases your attractiveness to investors.
• Boost economic growth and help to reduce poverty.

As an employer, what are some strategies you can implement to achieve gender pay equality??

While the overall responsibility of closing the gap does not solely fall on one single organization, those that do their part make a difference.? Suggested strategies include, but are not limited to:

• Implementing Fair Pay Policies, including salary transparency, to ensure equal pay for equal work.?
• Enlist the help of compensation specialists to perform pay audits and determine numerical value of jobs based on gender-neutral factors including skills, qualifications, and job responsibilities.
• Commit to conducting pay equity reviews on an annual basis.?
• Develop and enforce transparent qualifying criteria that are evidence-based for bonuses, raises, promotions and other rewards.
• Promote gender diversity, inclusion, and equity in your hiring practices.
• Support work-life balance and/or work-life fit to help women stay in the workforce and advance their careers.??
• Invest in education and training to support women.? Provide skill development and upskilling opportunities.

The conversation regarding gender pay equity is one that has spanned several decades. While progress has been made, there is still room for improvement.?? It starts with taking the time to fully understand the full scope of the data, and the importance of achieving gender pay within your organization.?? There are many benefits that come along with striving to achieve gender pay equality, both within and outside your organization.?

Need support in this area? YPHR can help. ?YPHR’s partner Amy Petrus, SPHR, SHRM-SCP is a Certified Compensation Professional (CCP) and can help support your organization in this area!? Visit www.yourpartnerinhr.com to learn more about how we can help!

#payequality #genderpayequality #equalpayforequalwork

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