Harvard Business Review recently published a report on the trends that will shape work in 2022 and beyond. Number one on the list was that fairness and equity will be a defining issue for companies.
Over the past few decades we have seen a tremendous change from the Gordon Gekko image of the 80’s as companies look to find their place in the changing world of consumerism and employment.
There can be little doubt that fairness and equity are issues that cannot be ignored, and this is illustrated by a statistic from the Harvard Business Review – “According to our analysis of S&P 500 earnings calls, the frequency with which CEOs talk about issues of equity, fairness and inclusion on these calls has increased by 658% since 2018.”
Big business is hearing this message and responding to it. Governments are driving this agenda too, with more oversight on pay equity.
So, are companies ready to deliver on this? How well prepared are HR and Reward teams support the business in analysing and delivering on the promise of a fairer and equitable business?
Data driven decision making is a must-have for companies. Companies need a resource that brings together all components of reward (salary, benefits, bonus, shares etc), for every employee in real-time.
But companies are struggling to pull together and action this data, a recent Mercer report highlighted this:
- 75% of employers are most concerned about gathering credible data
- 40% say the most difficult part of the gender pay gap reporting process is the need to conduct additional analysis to explain their gaps
This is where uFlexReward can help companies by:
- Automating the consolidation and validation of data from multiple reward systems into one central database for all employees and all types of reward
- Providing credible, reliable data that allows you to delve into the details, supporting the development of a good narrative around pay equity reporting.
- Allows the HR team to what-if and model the impact of changes. uFlexReward provides a modelling capability so you can flex reward policies and see the impact to the business and the pay equity reporting.
As your company begins or continues their journey in this area it will be critical to leverage a reliable platform that can gather and access all your company’s total reward data in real time.
1 – Harvard Business Review – 11 Trends that Will Shape Work in 2022 and Beyond- https://hbr.org/2022/01/11-trends-that-will-shape-work-in-2022-and-beyond
2 – Mercer – A gap between intention and action? – https://www.uk.mercer.com/our-thinking/career/gender-and-ethnicity-pay-report.html