Trusaic

One topic I hear too little about is evaluating the effectiveness of pay equity remediation efforts. For example, if an organization spends $X on remedial pay adjustments, will pay disparities fall by $X, by more than $X, or by less than $X? In the latest blog of my Pay Equity Deep Dive Series, we explain how to answer this question by calculating the ROI of your remediation efforts. We also discuss Trusaic’s newest remediation approach and how it can be used to generate an optimized set of remedial pay adjustments. Full blog linked in comments >>> #PayEquity #Remediation #PayDisparities #Compensation Trusaic Mark Dwyer

🚨 🇬🇧 Pay Data Reporting Update 🚨 In the wake of the Labour Party’s election victory, UK employers should prepare for change. The new government’s election manifesto promised reforms on workers’ rights within 100 days as part of its New Deal for Workers. In a pre-election interview, the then Shadow Chancellor Rachel Reeves promised to close the gender pay gap “once and for all.” That could extend to aligning gender pay gap reporting with the 🇪🇺 EU Pay Transparency Directive in the future. Furthermore, the Labour Party has stated goals to implement mandatory ethnicity and disability pay gap reporting. 📆 Since 2017, public, private, and voluntary sector UK organizations with 250 or more employees have been required to report on their gender pay gap. In the interim, UK employers will likely need to begin the process of updating their HR policy and practices to prepare for more extensive reporting requirements that align more closely with those required under the EU Pay Transparency Directive. Access our latest Trusaic blog for more details (linked in comments). #UK #EmploymentLaw #PayEquity #PayDataReporting #LabourParty Nasar Khan

Every facet of an organization’s global pay equity strategy likely will involve communications, education, and training to support the strategy. For each facet of your strategy, ask yourself a few key questions to assist with developing an effective communication plan: 1️⃣ Who needs to know about this? E.g., HR, Employees, Applicants/Candidates, Managers, Leaders, Board, Public. 2️⃣ What information does each audience need to know? E.g., 30,000-Foot View, Overview, Detailed Understanding. 3️⃣ How is the information best communicated to each audience? E.g., In-Person Meeting, Email, Toolkit + FAQ, Recorded Training, Instructor-Led Training, Press Release. For example, if you decide as part of your pay equity strategy to share with every employee the pay range for their current role, you will likely want to communicate this change to #HR, leaders, managers, and employees. To support leaders and managers, and address employee questions, HR will require an in-depth understanding of the company's pay philosophy, how pay ranges were created, and how pay within the range is determined. You may have your compensation team lead a series of in-person or virtual training events with HR. Leaders and managers will require a more basic understanding, plus talking points and an FAQ to use in discussions with employees. You may choose to have your HR business partners meet with leaders and managers in-person or virtually or rely on a recorded training session (or a combination of these). Your employees will require a high-level overview. In this case, you may choose to prepare a series of one-pagers to convey your company's pay philosophy, how pay ranges were created, and how pay within the range is determined. This information could be available on your internal company website. #PayTransparency #PayEquity #PayCommunication Trusaic

There are 54 jurisdictions around the globe that have already adopted or are in the process of implementing some form of pay data reporting requirement. To help organizations remain in compliance with each individual reporting requirement, Trusaic created a 🌎 Global Pay Data Reporting Calculator resource. Access our free reporting calculator resource now to get your results >>> https://bit.ly/4cRJQlb #PayDataReporting #HRCompliance #Compensation Nasar Khan

Got 5️⃣ minutes? In this June issue of the HR Fast Five:  ✅ How AI is transforming HR and the workforce  ✅ Four Steps to implementing an effective online benefits platform  ✅ How pay transparency can lead to better equity across benefits  ✅ Three ways collective retirement plans support HR priorities

For most organizations, it’s advisable to remediate pay disparities annually. Remediating less often runs the risk of allowing inequities to fester, leading to large remediation costs, as well as the potential for incurring back-pay liabilities in the case of a lawsuit. From a budgeting standpoint, most organizations are not able to make pay equity adjustments multiple times per year. Moreover, making pay equity adjustments outside of the merit process runs the risk of drawing unwanted attention to the adjustments. That said, at Trusaic we recommend monitoring your pay equity situation throughout the year, either on a quarterly or semi-annual basis. Conducting a periodic pay equity audit provides feedback well in advance of your annual remediation process. This periodic audit can help you understand how changes within your workforce, changes in organizational structure, and changes in external market forces are affecting your pay equity outcomes. #WorkplaceEquity #PayEquity #PayRemediation