Pay equity is a huge issue and barrier for women in the workforce. Companies that prioritize pay equity are seeing worker productivity increase 19 percent above industry averages, while employees who perceive a pay gap are 16 percent more likely to leave their companies.
Employers that do not have pay equity risk marginalizing their women’s contributions and loosing talent in the leadership pipeline. Our recent survey of 4, 300 professional women revealed that 67% of women did not know if there was pay equity in their workplace. Perhaps many assume there is but just don’t know for sure. Here are some tips on how to find out:
1. Ask your employer if they have have a annual Pay Audit or Pay Equity annual review. Examine your current salary and benefits, and also what other workers historically. While some companies offer a structured review process for all hires, and rarely raise salaries outside of it, others are more ad hoc, offering employees wage increases when, for example, they receive an outside offer.
2. The best information you can find often comes from your closest colleagues. You will need to determine who you trust to talk frankly and honestly with about compensation.
3. Work for a non-profit, campaign, university, or government institution? Often those organizations are required to publicly report their expenses – including labor expenses. If need be, make a friend in the accounting department to see if they can point you in the right direction.
To learn more about the survey resluts or about WIL visit the website: womeninleadership.ca.