What if pay equity
in retail was
It can be.
Pay equity in retail is especially challenging, with high turnover and other issues, and yet the need is clear: Women first-line supervisors of retail sales workers made 75 cents to the dollar men earned in 2020.1
Traditional approaches to pay equity don't meet the industry's unique needs, but technology puts an accurate, as-needed pay equity analysis within reach and helps you respond to the specific requirements of retail.
Pay equity for retail requires a new approach
Pay equity methods that were standard a few years ago do not work in retail today: With high turnover rates, an annual pay equity analysis is quickly outdated — and managing pay ranges for locations nationwide is difficult and time-consuming with older, manual methods. What are the trends and how do you know if your approach is stacking up?
The Old Way
The New Way
The Old Wayonly addresses gender and base salary, leaving many pay disparities undetected
The New Way
provides a full analysis including different product lines or locations, evaluating all applicable protected categories and all components of compensation to ensure true fairness for every group
The Old Way
analyzes pay equity once per year to find and fix pay issues, allowing high turnover to cause disparities to develop throughout the year
The New Way
Allows ongoing monitoring and modeling of changes; builds fairness into all pay decisions and policies to mitigate pay issues before they proliferate
The Old Way
isn't transparent, keeping employees and the public in the dark at all times
The New Way
effectively communicates results and solutions to stakeholders, building positive brand reputation, earning trust with investors, and making sure employees feel engaged and valued
The Old Way
is manual, error prone, and requires data science skills, legal expertise, and extra hours that most compensation professionals don't have
The New Way
gives compensation teams the control and flexibility they need with easy-to-use technology and proven methodologies built by industry experts
The Old Way
not flexible enough to serve a rapidly changing, distributed workforce
The New Way
allows as-needed analysis in minutes for both existing employees and prospective candidates
The Old Way
difficult to scale pay equity across a large population of employees
The New Way
allows you to easily look at your retail population through different lenses within the tool and to scale your pay equity analysis
As pressure from employees, investors, and the public increases, and additional transparency laws are passed nationwide, retailers are facing a new reality: one in which they need a robust pay equity strategy. Are your solutions up to the challenge?
Proven technology & expertise that simplifies pay equity
Leading retailers are turning to Syndio for agile technology that makes analyses fast and easy, while helping maintain pay equity over time. And Syndio provides you with always-on, patent-pending technology backed by legal, data science, and compensation experts.
PayEQTM
Rapidly analyze and resolve pay disparities with an enterprise-grade platform designed for global compliance.
Pay FinderTM
Ensure starting salaries are fair and equitable with real-time insights and recommendations for every new hire.
Pay Policy AnalyticsTM
Analyze the impacts your policies have on compensation to tell you if they're working as intended and if they are fair.
Expert Advisors
Using proven practices and methodologies, partner with our team of experts, who provide ongoing expert best practice, data science, and communications consulting and support.
Working with external counsel is lengthy and expensive — having software in-house allows you to keep your finger on your pulse without unnecessary expense."
Jodi Newton
Sr. Director of Compensation
Case Study
Retailers Improved Pay Equity and Leadership Diversity With Software
Learn how two leading retailers used Syndio to improve pay equity and leadership diversity in their organizations. Though faced with different challenges, these retail businesses used leading edge technology to significantly increase equity for their employees.
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 can work for your business and learn the four steps you can take to move your organization to an ongoing, proactive pay equity strategy.
A modern, efficient pay equity strategy for retail.
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