Late last week, the Business Roundtable issued a statement on advancing diversity & inclusion through employment practices. In addition to encouraging voluntary public disclosure of key diversity metrics, the statement says:
Unjustified disparities in compensation are one of the drivers of gender- and race-based wealth and income inequality. Business Roundtable calls on companies to conduct periodic pay equity reviews and regular pay equity analyses, and to implement processes to review and close gaps.
Most large companies already conduct pay equity reviews — but the BRT’s statement is significant because it also calls for closing pay gaps. That can be a complicated process — especially if you’re truly looking to close the unadjusted pay gap, which can reflect the difficulties in advancing underrepresented groups to high-level positions.
We’ll have info on how to prepare for – or move forward with – pay equity initiatives in our November 19th webcast – “Pay Equity: What Compensation Committees Need to Know.” Mark your calendars to hear from Mintz’s Anne Bruno, BlackRock’s Tanya Levy-Odom, Equity Methods’ Josh Schaeffer and Impax Asset Management’s Heather Smith.
-Liz Dunshee, CompensationStandards.com October 22, 2020
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