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