The US workforce is demanding pay equity. A new Salary.com survey reveals that 67 percent of organizations face continuously increasing pressure to address pay equity, with current employees and job candidates serving as the top sources of pressure to get pay right. In this climate of concern and increased oversight, Salary.com is delivering advanced capabilities to its award-winning CompAnalyst® Pay Equity Suite. Since its launch, the product has helped more than 550 organizations address pay equity. Developed on the foundation set by the Plunkett Pay Equity Framework, Salary.com’s Pay Equity Suite is the only complete, end-to-end solution for modern pay equity that delivers a continuous focus on identifying, remediating, and preventing pay equity issues.
CompAnalyst Pay Equity Suite
“Organizational change can feel challenging but the benefits of pay equity are profound,” said Kent Plunkett, CEO of Salary.com and co-author of The Plunkett Pay Equity Framework, a six-step methodology for attaining pay equity. “Soon-to-be published pay equity research from the Josh Bersin Company tracked accelerated business outcomes, including improved talent attraction and employee engagement, and a 1.6 increased likelihood to exceed financial targets. Now is the time to act.”
CompAnalyst Pay Equity Suite automates the process of modeling both internal equity and benchmarking external competitiveness for all jobs within an organization. It is critical to have a complete 360-degree view of where internal gaps may exist and where salaries may fall short of the competition. Customers can also receive the added assist of the industry’s most experienced compensation consulting team and access to legal counsel, including an initial free pay equity analysis from The Pay Equity Law Group, to establish a confidential system of record for their analysis.
Internally Equitable/Externally Competitive
CompAnalyst Pay Equity Suite identifies pay differences that are large enough to be statistically significant and cannot be explained by other factors. The process includes:
- Grouping comparable jobs to create an internally aligned job structure.
- Pay gap assessment that focuses not only on gender and race but all dimensions and variables that can influence pay.
- Multivariate regressions to identify where pay disparities exist.
- Cohort analyses to determine if there are legitimate factors that explain pay differences and whether pay adjustments are needed.
Upon completion of the analyses, organizations can model various remediation adjustments and rerun the multivariate regression analyses to measure their potential impact.
Benchmarking External Competitiveness
With CompAnalyst Pay Equity Suite, organizations can determine the external value of their jobs based on the current compensation market levels for comparable jobs in the market by accessing CompAnalyst Market Data, the industry’s largest and most reliable HR-reported source of up-to-date compensation market data or leveraging other compensation surveys data sources.
Creating a Sustainable Pay Equity Practice
The CompAnalyst Pay Equity Suite allows organizations to develop an effective communications plan relating to their pay equity review with consistent messaging and tools designed to manage employee and stakeholder expectations. The solution also enables continuous updating of pay equity analysis. Organizations can easily run an analysis whenever a major compensation decision is made throughout the year. With the integration to CompAnalyst and Job Architect, companies can update their job content, structures and other key areas whenever new employees are hired, performance reviews are administered, or a termination or other key events occur that impact overall compensation.
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