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 provides 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 goals for pay equity, pay transparency and your overall total rewards strategy.
People expect compensation that is market competitive, and reflects their skills, experience and contributions.
Moreover, they also expect pay that is fair 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 can first assess and refine their job architectures, compensation strategies, salary structures and pay equity initiatives. Transparency programs can be carefully considered to align with the 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.
