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Pay equity and transparency
Pay equity and pay transparency are quickly becoming essential requirements for organizations across the world — critical not only to maintaining legal compliance but also to attracting and retaining employees.
Mercer offers strategic alignment of your employee value proposition to ensure that your total rewards philosophy and programs adhere to the principles of fair pay, supporting your pay equity and transparency goals.
People expect compensation that is market competitive, and reflects their skills, experience and contributions.
Moreover, they also expect pay that is equitable relative to their colleagues.
Eight steps to achieve pay equity
To achieve accurate pay equity, it's essential to take a comprehensive and continuous approach. Here's a step-by-step guide to help you start and maintain this journey:
Effectively addressing pay transparency
To successfully tackle pay transparency, companies should first assess and refine their job architectures, compensation strategies, salary structures, and pay equity initiatives. Transparency programs must be carefully considered to align with your overall people strategy. By acting now to integrate pay transparency within broader total rewards programs, companies can better navigate this complex landscape to achieve fair, sustainable outcomes.
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