2018 marked a significant turning point in the efforts to promote gender diversity in the workplace. However, organizations still have a significant journey ahead of them in achieving true gender pay equity, as highlighted by the World Economic Forum.
According to the WEF, it will take a staggering 217 years to completely close the gender pay gap. Addressing the underlying bias against women and other minorities is crucial in order to effectively solve the issue at hand.
What strategies are top organizations implementing to ensure gender pay equity?
1) Enhancing gender diversity
Expedia, a travel technology group, believes that gaining insights into pay equity involves examining the representation of genders. In order to ensure fairness, the company assesses whether individuals of all genders on the team have equal chances to develop and compete for the same roles.
Expedia’s internal analysis indicates that there is pay equity between men and women in the same roles. However, the company is committed to promoting equal gender representation throughout the organization, particularly in senior positions. Currently, women hold 33% of senior positions at Expedia.
2) Enhancing salary transparency
Transparency is a crucial element in earning the trust of employees. Apple’s commitment to promoting gender pay equity is evident in their publication of diversity figures. These figures reveal that women and other underrepresented minorities are earning equal pay to their white male counterparts who hold the same positions. This transparency highlights Apple’s dedication to fostering a fair and inclusive work environment.
3) Proactively raising compensation
SAP, the cloud-based HCM software group, has successfully achieved a 99% gender pay parity among its US employees through a deliberate focus on enhancing compensation. The company has been actively encouraging women to take on leadership positions.
SAP suggests alternative approaches to attaining pay equity, including:
- Exploring the composition and performance of the workforce
- Establishing specific goals and timelines to ensure equal representation and fair compensation
- Sharing salary information to promote transparency and equality in discussions about compensation
- Banning inquiries about salary histories during interviews
- Assessing potential avenues and factors for advancements
- Having open and transparent discussions with managers regarding decisions on promotions and salary increase
“This is not solely focused on women; it is a matter of achieving gender pay equity,” stated Jennifer Morgan, the president of SAP’s Global Customer Operations for the Americas and Asia Pacific Japan.
Morgan, who led the company’s equal pay analysis, understands the importance of achieving pay parity in order to gain a competitive edge in attracting top talent.
“Gender pay equity can be measured, made transparent, and easily understood,” she stated. “It’s truly inspiring for the workforce and plays a significant role in employee retention.”