What if pay equity was
It can be.
How you pay people shows how you value people —
which is how you keep people.
During times of economic stress, money talks. As high inflation erodes wage gains, pay has become the most important factor in satisfaction at work1 — and the perception of pay fairness is a key component for employee trust.
Most employees don't feel their pay is fair
Employees who perceive
their pay as inequitable:
Just 34% believe their pay is equitable2
Employees who perceive their pay as inequitable:
Have a 15% lower intent to stay with their employer than employees who perceive their pay as equitable2
Are 13% less engaged at work than employees who perceive their pay as equitable2
With an uncertain economic forecast, many companies are pulling back on hiring — making talent retention a key strategy for success in 2023. Companies that want to keep talent need to re-earn their trust. And with new technologies for achieving fair pay, it's easier and more efficient than ever for companies to get pay equity right.
The Old Way
Pay audit
The New Way
Equitable pay management
The Old Way: Pay audit
Narrow, retroactive scope
See how >
Narrow, retroactive scope
Looks back at pay equity once per year to find and fix pay issues, allowing disparities to crop up and grow throughout the year. Narrowly focuses on only gender and base salary, leaving many pay disparities undetected
The New Way: Pay audit
Comprehensive and embedded
See how >
Comprehensive and embedded
Proactively embeds fairness into all pay decisions and policies to mitigate pay issues before they crop up and grow. Ensures true fairness for all groups by taking into account all applicable protected categories, adding an intersectional lens to analyses, and analyzing all components of compensation
The Old Way: Pay audit
Locked away
See how >
Locked away
Avoids transparency and keeps employees and the public in the dark at all times
The New Way: Equitable pay management
Transparent
See how >
Transparent
Educates stakeholders on results and solutions to build positive brand reputation, earn trust with investors, and make sure employees feel engaged and valued
The Old Way: Pay audit
Outsourced
See how >
Outsourced
Manual, error prone, subject to data breach, and requires data science skills, legal expertise, and lots of time that most compensation professionals don’t have
The New Way: Equitable pay management
Puts compensation teams in control
See how >
Puts compensation teams in control
Puts more control in the hands of compensation teams with easy-to-use technology and proven methodologies built by industry experts
Blog article
Retain Talent with Equitable Pay and Career Opportunities
As employees are promoted, there's a risk that you're potentially reintroducing pay disparities. So how do you ensure ongoing equitable pay while providing internal career opportunities? Our compensation expert explains.
Guide
The New Way to Fair Pay: How to Master Pay Equity in a Changing World
Find out how a modern approach to pay equity will impact your business and learn the four steps you can take to move your organization to an ongoing, proactive pay equity strategy.
Proven technology & expertise that transforms pay equity
Leading companies are turning to Syndio for a purpose-built pay equity solution that empowers you to solve pay equity issues now and prevent them in the future. Our platform gives you immediate insight into existing pay disparities, provides advanced budgeting tools to build a data-backed remediation plan, and helps you understand root causes for pay gaps and how to revise your policies and practices so that they won't reappear. And, it's technology you can trust — validated by legal experts to address the pay equity details that keep lawyers up at night.
Our goal is to really embed pay equity into the organization as just a normal part of doing business… We chose to partner with Syndio because their core purpose is pay equity, and their team is going to be farther ahead in their thinking, so they could push us and we could learn from them."
Stan Dunlap
EVP of Global Rewards at Salesforce
Start modernizing your pay equity strategy today.
Sources
1 Human Resources Executive, In Times of Economic Stress, Pay Practices Take a Front Row Seat, November 30, 2022
2 Gartner Press Release, Gartner HR Research Finds Only 32% of Employees Believe Their Pay is Fair, November 28, 2022