Organizations want to be seen as leaders in their industry in addressing gender pay gaps and overall pay equity issues to attract and retain the best talent. While a significant number of countries have introduced pay equity reporting requirements, the goal of the organization should be to reach beyond the minimum requirements and be proactive on this issue. Unfortunately, there are many data issues and barriers that prevent organizations to achieve this goal. From a recent Mercer report on the Status of Pay Equity:
- Three-quarters (75%) of employers are most concerned about gathering credible data
- Two out of five employers (40%) say the most difficult part of the gender pay gap reporting process is the need to conduct additional analysis to explain their gaps.
- More than one in four employers (27%) are unable to retrieve the right data
- Nearly a quarter (24%) find it difficult to complete the metrics and calculations.
uFlexReward can help organizations deliver on pay equity reporting.
With the tool, you can:
- Automate the consolidation, validation, and normalization of data from multiple reward systems into one central database for all employees and all types of reward
- Provide credible, reliable data that allows you to delve into the details, supporting the development of a good narrative around pay equity reporting.
- Apply the rules and formulas defined by your goals and legal guidance to produce the ratios
- Allows the HR team to produce what-if scenarios and model the impact of those changes. Flex your reward policies and see the impact to the business and the pay equity reporting.
When your organization states Pay Equity is a goal, it does not mean just reporting the minimum requirements. You want to be proactive and stay on top of equity from all perspectives. uFlexReward is the only tool that gathers all reward data to analyze pay equity, model cost impacts and supports pay transparency.