Employees are expecting more from their employers. Over the last several years, we have seen a dramatic shift in the public consciousness toward social justice, transparency, and intolerance of inequity. The COVID-19 pandemic and resulting recession has only made these matters more urgent.
The New Era of Pay Equity
In 2021, PayScale’s State of the Gender Pay Gap Report found that due to the unemployment penalty and the astonishing differences in unemployment levels in women versus men in 2020, that the pay gap might actually widen as the economy recovers and people get back to work.
This situation is in the control of employees and constitutes an urgent call for pay equity. However, pay equity is not something businesses can do once and forget about or repeat on a sporadic basis. Every time workers join or leave a company, pay equity is threatened. Therefore, pay equity is something that needs to be baked into the culture of the organization, continuously monitored, and transparently communicated.