Pay equity is the practice of compensating employees the same when performing similar job duties, regardless of their gender, race or other criteria.
Not only is pay equity the right thing to do, but it also benefits employers and employees by improving productivity and reducing worker turnover. All DiversityInc 2022 Top 50 Companies for Diversity and Hall of Fame have systemic efforts to detect and correct pay equity.
“The most critical piece is that pay equity is going to make you an employer of choice,” says Elisa van Dam, Vice President, Allyship and Inclusion, Institute for Inclusive Leadership at Simmons University. “The trend is towards more transparency. It’s all part of how you show up as an organization in the world and whether you’re on the right side of history or not.”
