How pay transparency and pay equity impact total rewards
This episode spotlights pay equity within the context of total rewards. Discover how to strategically align these to crucial elements of your employee value proposition to ensure that your overall total rewards philosophy and programs align with the principles of fair pay and support your pay equity objectives. Learn about the EU Directive on Pay Transparency and Equal Pay, and identify the secrets to successful implementation through change management, empowering and engaging employees with a greater understanding of your total rewards offering.
We will discuss this further with our host, Gord Frost, Global Rewards Leader, Lea Lonsted, DEI & Pay Equity Leader for Europe and the UK, Sean MacHale, European Rewards Leader, and Tauseef Rahman, Career Partner.
Interesting moments from the interview:
-
Effective Implementation Strategies
Change management and employee experience should be considered from the start to ensure successful implementation of pay fairness and equity initiatives. -
Impact of Fair Pay
Fairness in pay and pay equity can demonstrate a commitment to treating employees with dignity and respect. It can foster a sense of trust and loyalty to a company. This, in turn, can lead to higher levels of morale, productivity, engagement, and retention. -
Comprehensive Pay Equity
Pay equity and transparency go beyond salaries. Organizations should consider pay equity from a holistic perspective, including base salary, total cash, total direct, bonuses, equity, benefits, and retirement. -
Closing the gap
Organizations should prepare by establishing job architecture, building pay ranges, and identifying and remedying any pay gaps. Balancing a global approach with local compliance needs is key.
More episodes in this series
Related products for purchase
-
Employee rewardsDetermine the right incentive programme for your company by evaluating eligibility.
-
Compensation data
Global Compensation Planning
Everything you need to know about salary increases, economic indicators, mandatory pay schemes and more. -
Total rewards
Car Cost Report
Understand costs associated with offering a transportation benefit to help determine the right approach for your company.
Related solutions
-
Attract & retain talent
Strategic workforce planning
Mercer’s strategic workforce planning solutions provide a rational business basis to prioritize, develop and fund the people practices needed to support business… -
Employee experience design
Mercer’s employee experience design uses design-thinking principles to define and shape solutions to meet your people’s needs more effectively and to bring out the… -
Executive compensation
Designing competitive executive compensation and policies that align with business strategy while incentivizing top talent can be challenging. We can help you…
Related insights
-
People strategy
Tailoring benefits
Employers aiming to support their entire workforce can personalize requirements got individual circumstances. Explore three ways to meet individual needs. -
Using benefits technology to create seamless employee experiences
Benefits technology can create personalized employee experiences to boost engagement while automating how benefits are delivered to provide a significant reduction… -
Pay Transparency Are you ready to tackle the benefits gap
Explore pay transparency, benefits gaps, and strategies for fair employee compensation.
Related events
-
Total rewards
Global HR Conferences
Mercer’s global HR conferences bring together decision makers and thought leaders from across the world to drive conversations that help address topical… -
Future of work
Mercer at Davos 2025
The World Economic Forum’s (WEF) annual meeting in Davos is a pivotal event, bringing together global leaders from government, business, and civil society.