Pay Equity Isn't Scary - Here's How and Why to Do It
Listen to the episode. Access the full transcript. Here is a summary of our conversation:
🎙️ Introduction and Guest Background (00:03 - 02:12)
Introduction to the HR Data Labs podcast by David Toretzky.
Guest Sally Loftus from Loftus Partners introduced.
Sally shares her background in HR, focusing on strategy, pay equity, and social justice.
🐶 Personal Anecdotes (02:20 - 04:10)
Sally shares a fun fact about her obsession with her dog, Rocky.
David shares his own experiences with his dogs.
💰 Importance of Pay Data (04:14 - 06:01)
Discussion on the importance of digging into pay data.
Need to look at pay data beyond just overall and at the position level.
Importance of examining demographic markers like gender, race, and tenure.
🔍 Conducting Pay Equity Assessments (06:08 - 07:57)
Different methods for conducting pay equity assessments.
Importance of approaching pay equity assessments with curiosity.
Need to update internal pay systems and decision-making processes.
📊 Understanding Disparities (08:07 - 10:06)
Discussion on various disparities like gender, race, age, etc.
Importance of addressing disparities beyond just base salary.
Need for targeted benefits and updated compensation philosophies.
📈 Communicating Pay Equity Results (14:53 - 17:00)
Importance of communicating pay equity assessment results with actionable steps.
Need for transparency and trust-building within the organization.
Role of managers and HR in facilitating these conversations.
🛠️ Implementing Pay Equity Changes (18:49 - 20:21)
Steps to take after finding pay inequities.
Importance of updating compensation philosophies and promotion structures.
Need for a structured pay grid to objectively determine pay ranges.
📉 Challenges and Considerations (25:36 - 27:36)
Challenges in implementing pay equity changes.
Importance of change management and capacity assessment.
Need for community and support among organizations doing similar work.