Re-examining what fair pay is, why it exists and why it should matter to organizations
The idea that fair pay should exist, in at least some form, has swept around the globe, and there are very real consequences for businesses that continue to operate unfairly. Between October 2016 and September 2019, the OFCCP collected $81 million in monetary relief on behalf of individuals who were unfairly discriminated against. Furthermore, there is a growing body of evidence that suggests organizations are missing out on significant public perception and company performance gains by failing to cultivate diverse workforces.
This white paper from Affirmity’s Patrick McNiel, PhD (Principal Consultant) and Pamela Pujo (Diversity Advocate) offers an appraisal of some of the extensive research into the different models, causes, and consequences of global pay inequity. We consider the merits and limits of models ‘corrected’ against explanatory factors, the difference between pay equity and pay equality, and how definitions differ around the world. Once defined and explained, we’ll guide you through why fair pay should matter to your organization, and suggest five steps you should take to address it.
By reading this white paper, you will learn:
- How various fair pay definitions differ and a discussion of which definitions will be most practical and useful for your organization
- The mechanisms of unfair pay, including the myths and biases that undermine the compensation of certain groups
- The increasingly compelling case for why your organization needs to care about, and take action on, pay inequity
- A five-step plan of action for organizations that want to create fairer pay practices
Download the white paper, and start steering your business towards fairer pay—and a more competitive future!