The Power of Pay Equality
Listen to the episode. Watch the full episode. Access the full transcript. Here is a summary of our conversation:
🎙️ Introduction and Guest Background (00:01 - 00:57)
Natalie Bourne introduces the podcast and her guest, Sally Loftus.
Sally is the managing director at Loftus Partners, a women-owned HR consulting firm.
Sally's firm specializes in strategy, people, facilitation, and pay justice.
🌄 Sally's Professional Journey (01:02 - 02:20)
Sally discusses her 25-year career in HR.
She highlights her focus on strategy and making businesses more profitable.
Sally has lived in the Blue Ridge Mountains for 11 years.
💰 Pay Equity and Justice (02:39 - 04:14)
Sally explains pay equity, pay parity, and pay justice.
Discusses the importance of breaking down systems that prevent fair pay.
Highlights the impact of wage stagnation and the pandemic on pay equity.
📉 Challenges in Pay Equity (04:33 - 06:02)
Natalie and Sally discuss the slow progress in closing pay gaps.
Sally mentions wage stagnation since the 1970s and the impact of the pandemic.
They talk about the fear and uncertainty affecting innovation and risk-taking.
🏢 Creating a Pay Equity Framework (06:07 - 07:27)
Sally advises on starting with a pay equity assessment.
Emphasizes the need for conversations and challenging assumptions.
Discusses the importance of aligning pay with organizational values.
🗣️ Employee Conversations on Pay (08:07 - 09:32)
Sally suggests employees should gather data and understand their job market value.
Discusses the importance of consumer expenditure data in pay discussions.
Highlights the need for employees to present a strong case for pay adjustments.
🔍 Innovative Approaches to Pay Equity (09:39 - 11:10)
Natalie shares her experience with predictive analytics at ADP.
Sally talks about firms prioritizing talent and creating meaningful pay structures.
Emphasizes the importance of curiosity and listening to employees.
📊 Managerial Role in Pay Equity (12:20 - 13:46)
Sally discusses the importance of managers accessing pay data.
Encourages managers to have open conversations with their teams about pay.
Stresses the need for transparency and clear pay structures. 👩##### 💼 Systemic Barriers and Gender Pay Gap (16:10 - 18:22)
Sally and Natalie discuss systemic issues like the broken rung and glass cliff.
Highlight the childcare crisis and its impact on women's careers.
Talk about the challenges of returning to the office and lack of flexibility for women.
💻 Leveraging Technology for Pay Equity (19:27 - 20:38)
Sally expresses the need for fresh and accurate pay data.
Discusses the potential of technology to provide better pay insights.
Mentions the role of pay transparency laws in accessing pay data.
📅 Final Thoughts and Recommendations (20:56 - 21:38)
Sally advises organizations to update their pay ranges regularly.
Encourages taking small steps towards pay equity to avoid stagnation.
Highlights the importance of pay equity in attracting and retaining talent.