Yesterday was Equal Pay Day and it is 2022. Not sure why this day still exists. Haven’t we evolved as a society where diversity has been embraced? Don’t we see women and men as equals? Equal Pay for equal work. Who can disagree with that?
And yet pay disparity still exists. In addition to Equal Pay Day, the National Committee for Pay Equity has also added 4 additional days this year specifically calling out the pay disparity between white men and women of color. These new days include special days to recognize Asian, Black, Native, and Latina working women, who are typically earning between .49 and .74 cents for every $1 their male counterparts earn.
As employers, we should be aware of these national disparities and work to take proactive action against them.
2022 is the year to get your compensation act together. Candidates and employees are demanding it. We have living wage, minimum wage, and unfair wage. We are dealing with wage compression and high turnover. Pay isn’t to blame for all of our problems but we have neglected this area for too long. Have you updated your ranges? Market-priced your jobs? Have you looked at how existing employees fit in with new hires and with your ranges? Do you even have ranges? What are your hiring practices as it relates to pay?
How can we ensure equal pay when we haven’t even taken the fundamental steps to have a legitimate compensation program? A good start would be to put compensation on your to-do list for 2022!