The Business Case for Workplace Equity

Higher Returns

Avoid the high cost of inaction

Average cost to close role to role gender gaps

The average increase in cost for every year a business waits, or fails, to close role to role gender gaps is $444,368.1

Build an employer reputation that attracts, engages, and retains top talent

58% of employees would consider switching jobs for more transparency

58% of employees would consider switching jobs for more transparency. For Gen Z employees, that number jumps to 70%.2

Boost productivity and retention

Boost Productivity and Retention

Employees who work in a high fairness environment have 26% higher performance and a 27% lower chance of quitting.3

DiversityQ logo

Employees who perceive a pay gap (regardless of if the pay gap actually exists) experience a 16% decrease in intent to stay at their company.2

Improve business performance

Improve Business Performance

Companies that disclose they've conducted a pay equity analysis report nearly 8% higher mean five-year Return-on-Equity.4

PayEQ Pay Finder Screenshot

Companies that disclose representation by job group tend to see higher returns.5

Financially outperform peers

Diverse companies are more likely to financially outperform their peers.6

"The equity experience in your company is one of the most important parts of your performance in the market."

Josh Bersin
Global HR industry analyst7

Josh Bersin

Strengthen perception with investors

85% pie graph

85% of investment professionals take environmental, social, and governance (ESG) factors into consideration in their investing.8

99% pie graph

99% of millennial investors consider social responsibility in their investment decisions.9

92% pie graph

92% of leaders in a 2022 survey think that ESG issues will affect corporate reputations in the next 12 months.10

Simplify compliance with (and future-proof against) expanding legislation, regulations, and reporting requirements

2x

From September 2020 to September 2021, the share of companies disclosing demographic data (such as an EEO-1 Report) has more than doubled, from 4% to 11%.11

Mitigate legal risk

64B

The estimated annual cost of losing and replacing more than two million American workers who leave their places of employment due to unfairness, discrimination, or harassment is $64 billion.12

Team pride

Recent pay equity and gender discrimination settlements have landed at $100 million13, $118 million14, and $175 million.15

Wondering where to start with workplace equity?

Workplace Equity Guide

Syndio's Workplace Equity Guide offers strategies to help understand, measure, and improve all aspects of workplace equity. We detail a step-by-step approach you can use to define success using data and insights, prioritize your biggest areas of opportunity, and make incremental progress on realistic goals.

Read now to find out how investing in workplace equity today can drive sustainable outcomes for your business tomorrow.

Ready to make an impact with workplace equity?

references

  1. Gartner, Addressing Pay Equity, Total Rewards Research Team, March 14, 2022. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.
  2. Inc., "New Report: Pay Transparency May Be the Key to Keeping Your Employees in 2021," February 2021.
  3. Gartner, Gartner HR Research Reveals 82% of Employees Report Working Environment Lacks Fairness, November 8, 2021.
  4. JUST Capital, "JUST Jobs Analysis: Why Pay Equity Is Still Critically Important in the Time of Coronavirus."
  5. JUST Capital, "Companies Disclosing the Highest Level of Workforce Diversity Data - EEO-1 REport - Saw Higher 2021 Returns," February 2021.
  6. McKinsey & Company, "Diversity wins: How inclusion matters," May 2020.
  7. Syndio, "What Really Works for Pay Equity? 6 Soundbites from Josh Bersin and Kathi Enderes," May 2022.