We’ve had equal pay legislation in the US for nearly 60 years, and equal pay was adopted as a core principle of the European Union when it was founded in 1957, yet women across all economies earn less per hour than men. Now with more legislation emerging forcing employers to focus on pay gaps and pay equality, rather than just equal pay it really is time to deliver.
While tackling the gender pay gap is being recognized as a compelling business issue, it’s still not a formal business priority for all, with only 12% of companies’ surveyed acting as first movers on Gender Equality according to the IBM study "Women, Leadership, and the Priority Paradox," from March this year.
Many of those first mover companies are large organizations with the resources to engage consultants or have in-house data analyst teams who can support them in performing the complex analysis and regression models required to get statistically valid data and really understand what drives pay gaps. But even for these employers doing this more than once a year is often too painful and onerous. Yet in today’s agile business environment companies need to analyze their pay gaps on an ongoing basis with the ability to flex their models as their workforce changes.
Curo’s Pay Equity Tracker solution is a self-service solution designed for HR/Reward users to provide insight on global pay equity trends within organizations. Supporting analysis at a country or market level and at a job level, our solution helps you to identify key areas of risk, understand where pay gaps can be explained by non-monetary factors with multivariate regression models and track remedial actions. Part of the newly recognized Diversity and Inclusion technology market, Mercer estimates in their report overall market size to be approximately $100 million.
Technology can democratize the process and give employers greater ownership over their data and processes as well ensure this sensitive information is secured. But still users are likely to need professional support in what is often a complex process with issues such a legal privileged, statistical modelling and data privacy all requiring attention.
Companies that provide such professional services would benefit to combine CuroPET to their overall offering as the technology can help them to operate more efficiently, therefore concentrating their resources where consulting hours are strategically required.
In addition, the technology can also be used as a ‘lead generation tool’ as it can be deployed in a way to spark Pay Equity and D&I conversations, leveraging the discovery of wider consulting opportunities in the market.
Posted by Ruth Thomas
Industry Principal, Curo.LinkedIn