Pay Transparency Assessments

Employers - are you ready for pay transparency laws? Several US states and cities in the United States are implementing new pay transparency laws, which range from required pay range disclosure in job ads to pay transparency inside an organization.

The transition to pay transparency planning and lots of communication with your employees. We have found that pay transparency implementation happens in waves and upfront & proactive communication helps with buy-in across the company. Otherwise, employees may lose a large amount of trust in their employers and leave.

Loftis Partners offers a Pay Transparency Assessment that helps employers with implementing pay transparency – defined here as disclosing pay ranges to job candidates and current employees – as mandated by different states and countries. This assessment includes three phases:

1.       Discovery – We review your current pay structure, benefits plans, employee pay and demographic data, and employee handbook to understand your specific company situation and employee mix. This step identifies specific opportunities for your company and how you are currently competing in the talent market.

2.       Assessment – We dig into demographic data, such as race, gender identity, ethnicity, and age across all salary bands in addition to providing a regional economic review of your cost of labor versus cost of living expenses. This step offers an overview of potential inequities in your current pay system, which is important to review and aim to eliminate with every level of transparency.

3.       Recommendations – We offer insights from our data analysis and recommendations for communicating pay transparency externally to job candidates & search firms and internally to your current employee group. This step includes help with communication plans and coaching for hiring managers.

A pay transparency assessment takes 6-8 weeks for completion, depending on the client availability and access to needed documentation. We work virtually to complete this assessment. $10,000

Follow Loftis Partners on LinkedIn for current updates on pay transparency in the United States.

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