Fair pay has been a topic of importance for employers. It has become even more important due to the upcoming voice of stakeholders, society and regulators as well as the increased preference of (potential) employees to work for companies paying fair. Fair pay means that employees regardless of gender and ethnicity receive equal pay for equal work have equal growth opportunities and are equally recognized for performance. Differences in pay arise due to a complex mix of (non) demographic factors such as gender, performance, location and time in role. Key in advocating pay fairness is transparency in pay and diversity.
Are you prepared to disclose the numbers on fair pay and improve equal (growth) opportunities within your organisation?
Equal opportunities and associated equal pay is no longer just a legal topic. For many organisations, it is also important in relation to business continuity; to attract diverse groups/talents reflecting customers and society as an attractive employer. Being able to offer diverse role models, retain and attract diverse talent is essential for business operations.
The prohibition of discrimination based on gender, background and age is embedded in many constitutions. However, the link between age discrimination and pay is still often debated, given the value that seniority and repetition of performance of tasks and responsibilities can bring. The difference in value related to background and gender is no longer up for debate.
The benefits of gender equality and a diverse workforce continue to increase. By committing to diversity and equality, you improve your employer and company brand which enables you to attract and retain the best talent and understand and service your clients. Your data on this topic and your improvement efforts may directly affect your attractiveness as employer, value chain partner and investors.
Your commitment starts with insights and can even lead to external certification. PwC helps clients with internal benchmarking insights, job grading for equal work measurement, HR policy and process review and dashboarding tools, but more and more organisations are also opting for our external certification on equal pay through EQUAL SALARY certification.
Equal pay is a legal requirement. Non-compliance could result in claims and high fines. A broader approach to achieve fair pay reduces legal risks.
Fair pay helps to avoid reputational damage and to build a positive brand as equal opportunity employer.
Ensuring and disclosing fair pay are high impact interventions. It helps to attract and retain talent, to improve employee satisfaction and to increase productivity and performance.
PwC can help with numerous activities around fair pay, from a broader HR perspective, such as
PwC is a leading financial audit firm with extensive experience in fair pay audits. A worldwide network allows us to run global audits in an efficient and consistent manner. We have specialists in HR, Reward, Legal & Diversity and a successful methodology for in-depth quantitative & qualitative analysis. This puts us in a strong position to provide a comprehensive review enriched with subject matter expertise. Besides, we can advise on strategies to reduce the gaps and related risk.