Despite the fact that pay inequities remain a serious challenge to employers worldwide, most organizations are still not making it a top priority. Only a very small proportion (6%) of human resources (HR) professionals say pay equity is a top priority at their workplace. Further, just a quarter of surveyed employers say it’s among their top five executive priorities, and a third believe executives do not see it as a priority at all.
The free research report, The State of Pay Equity 2020, is now available for download. HR.com’s Research Institute conducted the study to examine the state of how well organizations and HR departments are addressing pay equity issues.
Further examination reveals the main reasons companies do strive for pay equity in their workforce. Three-fifths of HR professionals (59%) say their organizations focus on pay equity to retain the right talent, another half (53%) say they do so to recruit the right talent, and almost as many (47%) say a sense of fairness drives pay equity.
Only two-fifths (40%) of HR professionals consider their organizations to be good or excellent when it comes to pay equity efforts. Companies viewed as more equitable are more likely to:
- have a formal pay equity budget in place,
- analyze and leverage data in an effort to increase pay equity and reduce pay gaps, and
- invest in efforts to close the pay equity gaps across all job levels, not just senior levels.
“While the percentage of those leveraging analytics may feel alarmingly low given the extent of the pay equity problems in today’s workforce, it is reflective of a painful reality: decision-makers are not investing in solving the pay equity problem,” stated Dr. Patti Fletcher, Chief Workplace Equity and Disruption Futurist at HR.com.
Download the full report which includes details on nine key takeaways to help HR departments work to close pay equity gaps in their organization.
About HR.com and the HR Research Institute
HR.com’s HR Research Institute helps HR departments keep their finger on the pulse of HR! HR.com is committed to creating inspired and informed workforces by maximizing the potential of HR professionals around the world. Over 1.75 million HR professionals rely on HR.com as the foremost, trusted industry resource for education, career development, and compliance (that many people can’t be wrong!). Offerings include the largest network of HR executives, leading-edge industry research from the HR Research Institute, 13 monthly HR-themed epublications, innovative HR education including 250+ annual webcasts, the most comprehensive HR certification exam preparation program supporting SHRM and HRCI certification, as well as helpful HR tools and legal compliance updates. HR.com has the largest knowledge base of HR practices globally and offers unparalleled training and networking for HR professionals all over the world… 24/7… 365 (just in case you can’t get enough HR). Visit www.hr.com/featuredresearch to download research (always free) and to maximize HR potential. #hrresearchinstitute
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