While many organizations acknowledge the importance of fair and equitable pay for all groups, this isn’t always followed by actions to identify and address the inequity. This infographic highlights six key arguments that will help you reframe fair pay as a priority.
Having a robust pay equity plan keeps an organization from incurring costly fines and settlements, and keeps you competitive in a market and a global context where equitable pay is becoming the norm. It’s not just about staying on the right side of the law and employee opinion either: research suggests that there is a link between fair pay and higher profits.
In the infographic, we have assembled some fascinating statistics from an array of sources (covered in our white paper ‘Cultivating Fair Pay in the Workplace: Your Guide to Global Pay Equity’). The graphic suggests:
- The number of organizations charged under the Equal Pay Act is rising
- The majority of companies are actively addressing pay equity
- Pay transparency is fast becoming the norm with policies and laws to enforce it
- Employers who make an effort on fair pay receive more trust from their employees
- Fair pay leads to higher profits
- Unfair pay-related settlements are costing organizations millions of dollars.
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