Pay equity is a critical component of any diversity, equity, and inclusion (DEI) platform. Boards, shareholders, regulators, and employees are asking more varied and nuanced questions than ever before. Pay equity is no longer only about protecting against litigation, but also winning the war for talent by fueling a high-performing talent attraction and retention strategy.
All together, getting pay equity right is incredibly complex. The concept means different things to different stakeholders and the analytical tools to test for pay equity dovetail into advanced econometrics and data analysis.
As consultants who handle the statistical modeling, strategy, messaging, and data underpinning pay equity studies, we have a unique view into the practical realities and countless moving parts. In our conversations with hundreds of companies, all at different stages of their DEI journeys, many of the same questions come up over and over. These questions range from the basics of what goes into a pay equity study to advanced considerations that arise after performing multiple studies. They include technical questions on the underlying statistics. They touch on messaging both internally to employees and externally to shareholders.
We spent the greater part of a year preparing a detailed booklet capturing these common questions and our perspectives.
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