Ensuring fairness in employee compensation is crucial. Internal equity refers to fair pay practices within a company. It ensures that employees in similar roles, with similar expertise and experience, receive fair compensation. Upholding internal equity boosts employee morale, drive, and contentment in their roles. It also helps reduce turnover rates and attracts top-tier talent. This article talks about why internal equity matters and how companies can achieve it. What Is Internal Equity? Internal equity refers to the principle of fairness in how companies pay their employees. This concept r... view blog & white papers details

When it comes to designing, implementing, and administering a comprehensive compensation plan, it’s not just the employer and employee(s) who must agree that the arrangement is fair. The government – both federal and state – have a seat at the table in deciding what is equitable and it’s vital to comply with applicable laws or risk facing pricey penalties. Federal, state, and local laws and regulations all place restrictions on how employers compensate their employees, and therefore inform how an organization’s compensation program must adhere to a broad range of restrictions and standards. Th... view blog & white papers details

The Josh Bersin Company developed a guide for employers to better understand pay equity. The goal was to create a roadmap for achieving pay equity, identify where your company is in its pay equity journey, and define actionable steps toward excelling in pay equity. The maturity model proposed by Josh Bersin involves four levels. In this article, we'll discuss the first: Compliance-Driven Process. From the study, commissioned by Salary.com, they found that 50% of companies currently find themselves at this level. Are you one of them? What is Level 1 - Compliance-Driven Pay Equity? The companie... view blog & white papers details

Using compensation study to measure external competitiveness, internal equity, and talent retention. Step 1. Gather internal and external data. Step 2. Analyze competitiveness. Step 3. Assess internal equity. Step 4. Evaluate talent retention. Step 5. Identify issues. Step 6. Develop action plan. Step 7. Communicate and implement. A comprehensive compensation strategy is incomplete without compensation study, as employers cannot make informed and competitive pay decisions without truly understanding the market. It helps organizations align their pay practices with industry standards, ensuring ... view blog & white papers details

As pay transparency continues to gain traction in the national conversation around DEI, new laws are mandating the practice. Naturally, these laws vary by state, and keeping track of them can be a challenge. Particularly for companies that conduct business across state lines, a growing trend in this era of remote work, it's never been more important to keep track of the legal responsibilities surrounding pay transparency. At a minimum, all the pay transparency laws listed below require employers to provide salary ranges to all candidates applying to relevant positions. Some laws mandate that e... view blog & white papers details

Pay equity is having more than a moment - consider it a movement. With increased pressure coming from employees and lawmakers to provide pay transparency, it's more important than ever to understand why internal equity matters and how to achieve it. Watch David Turetsky, Vice President of Consulting, and Anthony Luo, Compensation Consultant, explain the pivotal role that internal equity plays in your organization's pay equity efforts. This 40-minute session explores: The steps involved in multivariate regression and cohort analyses How to model and remediate, if necessary https://www2.salar... view blog & white papers details

Zoe Switzer has been working with Jeni's Splendid Ice Creams for over five years. Jeni founded her company with an amazing amount of bravery and entrepreneurial spirit, and now that it's grown and spread across the nation, Zoe's helped ensure that Jeni's original values and vision continue to inspire each and every employee. In this episode, Zoe talks about her role and Jeni's and how she's been able to approach HR with a creative and community-driven mindset. August 26, 2021 Time Stamps Contact Info Resources Quick Quotes Full Transcript Introduction Welcome, Zoe! Today's Topi... view blog & white papers details

Pay transparency legislation is having a significant impact on HR departments across the country. Recent requirements mandate that HR: Collects and reports salary information in compliance with respective laws. Ensures compensation practices align with pay transparency laws. Conducts comprehensive pay analyses to address disparities and ensure fairness. Facilitates discussions about compensation and addresses employee concerns. Adjusts strategies to consider increased transparency in compensation. Develops programs to promote fair pay practices and address biases. Safeguards compensation data... view blog & white papers details

Are you trying to figure out what benefits you have to offer your employees by law? Health, retirement, and family medical leave can make tracking legally required benefits overwhelming. Where do you even start? How do you determine what you're required to provide? How much is it going to cost you? Don't worry; we've got you covered. This guide explains each legally required benefit, what the laws require, and how to stay compliant. Read to know your employer's responsibilities and have a plan to provide competitive, legal benefits to your employees. Understanding Why Legally Required Benefits... view blog & white papers details

Steps to Calculate Internal Equity Step 1. Perform an Internal Audit Step 2. Spot Discrepancies Step 3. Identify Areas of Discrimination Step 4. Make Necessary Adjustments Step 5. Communicate Transparently The battle for top talent has become more challenging as employees are now open to discussing their wages with their peers. Their knowledge about how much their colleague is getting paid equips them with the confidence to look for organizations that can compensate them competitively for the value that they can provide. This makes it crucial for employers to prioritize fair pay in implementin... view blog & white papers details