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

This past June at the WorldatWork Conference, Steve Brink, President and Chief Revenue Officer at uFlexRewards, and our very own David Turetsky led a presentation that focused on working with HR consultants. Sometimes, you're presented with an HR problem that needs to be solved much sooner than later-there's no time to hire and onboard a new team and you find yourself looking externally for help. With such a wide array of options, it's important to know what to expect and which questions to ask when looking to hire a consultant. In this episode, Steve and David talk about the "why", "when", an... view blog & white papers details

Internal equity isn't a one-and-done exercise. It requires comprehensive solutions to what's happening externally and internally at your organization. At Salary.com, we want to ensure that people are getting paid fairly. This is no longer an annual review process. It's something that needs to be happening all the time in your organization. So why does internal equity matter? Employees are demanding it. There are state and federal pay equity laws. It's the right thing to do. Today, you need to look at your employees and decide what jobs have comparable worth because they're doing comparable ... view blog & white papers details

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

The pandemic may have spurred last year’s record-high quit rates, but job seekers weren’t necessarily all motivated by health and safety concerns. Many left because of low pay. A Pew Research Center study released in March found that 63% of those who left a job said low pay numbered among the reasons why they quit, alongside a lack of advancement opportunities (63%) and feeling disrespected at work (57%). Thirty-seven percent of respondents said low pay was a major reason why they left their jobs. David Turetsky, VP of consulting at Salary.com, saw Pew’s findings play out in real time. “We cam... view blog & white papers details

The pandemic may have spurred last year’s record-high quit rates, but job seekers weren’t necessarily all motivated by health and safety concerns. Many left because of low pay. A Pew Research Center study released in March found that 63% of those who left a job said low pay numbered among the reasons why they quit, alongside a lack of advancement opportunities (63%) and feeling disrespected at work (57%). Thirty-seven percent of respondents said low pay was a major reason why they left their jobs. David Turetsky, VP of consulting at Salary.com, saw Pew’s findings play out in real time. “We cam... 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

Achieving pay equity is not a quick or easy process, but it is vital for building a fair workplace. Various companies find the idea of analyzing their own pay practices and making corrections daunting. Where do they start? How do they make sure they are evaluating roles and pay fairly? With the right approach and by following the key best practices, any company can conduct an internal equity analysis. What Is Internal Equity? Internal equity involves paying employees relative to each other. Conducting an internal equity analysis is essential. It helps determine any unjustified pay gaps betwee... view blog & white papers details

Internal pay equity has been a hot topic for many years. This movement is gaining momentum as more employees demand better working conditions. As HRMorning put it, "There's no getting around it: 2023 is the year of the worker, and workers want pay equity and pay transparency." Salary.com defines pay equity as equal pay for comparable jobs that is internally equitable, externally competitive, and transparently communicated - and the company is committed to achieving it. Successful companies know that success starts with your people. Unfortunately, the ongoing skills shortage and shift in employ... view blog & white papers details

Prioritizing fair pay and closing the gender pay gap are two of the biggest initiatives in compensation today. Implementing processes to sustain fair pay throughout the employee’s journey from hiring to promotion is crucial for your organization. What is External and Internal Pay Equity? External equity and internal equity make up the two halves of fair pay. Both are key toward attracting and retaining top talent, but they require substantially different approaches to manage. External equity Salary competitiveness versus the market. It is impossible to ensure fair pay without using industry an... view blog & white papers details