In a bid to overcome pay inequity in the workplace, Trusaic, specialists in regulatory compliance software and pay equity analytics, has introduced the Equal Pay Estimator.
Address Wage Disparity with the Equal Pay Estimator Tool
The data-driven tool is designed to prevent pay inequity from occurring from the moment an employee is hired, a time when pay discrimination can typically occur.
The new tool analyzes employee details against market rates and internal ranges in real-time. It simultaneously compares external wage ranges alongside internal wage ranges, to provide a fair compensation offer at the time of hiring.
Unfair Pay is Bad for Business
Unfair pay is bad for business. By contrast, pay systems that are transparent and pay the entire workforce fairly, sends a positive message to employees about a business’s values. Fair pay can also help attract and retain the best workers, thereby reducing staff absence and turnover.
Unequal pay can be especially prevalent at the start of employment. Research estimates that a difference of $1,000 at the start of someone’s career can equate to a loss of around half a million dollars throughout a career.
Preventing Unfair Pay from Gaining a Foothold
Getting pay right at the appointment stage when renumeration is worked out and offered, is therefore essential.
As Robert Sheen, CEO of Trusaic, comments: “One of the most effective ways to advance pay and opportunity equity is to proactively prevent pay inequities from ever gaining a foothold. The Equal Pay Estimator can ensure that a company’s compensation offer is equitable in relation to other employees within the organization doing comparable work and competitive relative to the market rates for the position. It allows organizations to demonstrate to their employees and stakeholders that they are truly committed to equal pay.”
Emsi Burning Glass
In order to provide businesses with benchmark data to support their compensation decision process, Trusaic has partnered with Emsi Burning Glass, providers of labor market data and analytics. The company has access to the world’s largest and most sophisticated proprietary databases of job openings and career histories. Its data is collected from over 40,000 sources each day in more than 30 countries.
The Equal Pay Estimator comes with Trusaic’s diversity, equity and inclusion (DEI) and pay equity software solution, PayParity.
By utilizing such advanced analytics to gather real-time results, businesses can ensure all pay decisions are equitable. By doing so, the requirement to perform expensive and unplanned pay remediations in the future is reduced. Businesses can also benefit from a more contented, loyal workforce from the offset.
This article, “Equal Pay Estimator Tool Promises to Address Wage Disparity Among Employees” was first published on Small Business Trends