Around 28% said they already paid men and women equally, according to a survey
Nearly half of companies recognize Time’s Up.
Forty-eight percent of companies say they’re reviewing their pay policies to ensure parity between men and women in light of the #MeToo phenomenon and Hollywood’s Time’s Up movement, according to a recent survey of 150 HR execs conducted by the outplacement and executive coaching firm Challenger, Gray and Christmas.
About 28% said they already paid men and women equally, and 17% said they weren’t reviewing their compensation structures. The cross-industry survey captured data from companies of all sizes.
“There’s some real movement forward to be realized, given how impactful this #MeToo movement is,” Andrew Challenger, vice president of Challenger, Gray and Christmas, told Moneyish. “It’s so easy to fall back into the inertia of letting things be, but this is a crucial time for companies and leaders to step up and make these changes.”
Plus, Challenger added, “there’s room to do that right now that at other times didn’t exist.” He pointed to Dick’s Sporting Goods, which in response to the deadly Parkland mass shooting announced it would raise the minimum age for buyers to 21 and no longer sell assault-style rifles in its stores. “More and more companies are standing up right now, taking on issues of social change and taking stands,” he said, “that have been for one reason or another … hard for them to make at other times.”
One path forward, of course, involves pay transparency: “It’s a way of creating parity, when it comes down to it,” Challenger said. “Transparency doesn’t allow these kinds of gaps to hide.”
Asked whether their companies allowed employees to see coworkers’ salaries, nearly 90% of respondents said they didn’t practice pay transparency; 7% said select employees could see salary info on a “need-to-know basis,” and just 3% said they let employees view compensation ranges for each position. Zero percent engaged in full salary transparency.
Women in the U.S. still make an average of 80 cents on a man’s dollar. Some companies have already stepped up to close that gap: Apple, for example, claims to “champion pay equity for employees in similar roles, in similar markets, and with similar performance,” and Adobe in December announced it had achieved equal pay for U.S. employees. Salesforce, meanwhile, said in 2016 it had poured almost $3 million into wiping out statistically significant pay differences.
“I do think that companies can make a core tenet of their culture embracing equality initiatives, listening to employee feedback on workplace quality … (and helping) to create an environment where at all levels pay parity is expected,” Challenger said.
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