If your company released a document with everyone’s compensation, would you be shocked by what you saw? The prospect of compensation transparency can be a powerful litmus test for equal pay in the workplace. When comp planning is fair and unbiased, employees across the board should feel good about how salary and equity is allocated and how that ties in to their experience, roles, level, and function.
However, despite decades-long advocacy for equal pay in the workplace, many companies would not pass this test today. In 2020, men in the technology industry still earn 22% more than women. White employees earn 44% more than Black employees and 33% more than Hispanic employees.
Addressing this problem isn’t rocket science. Companies simply need to track how much employees are being paid, identify where inequalities exist, and adjust compensation accordingly. So why hasn’t more progress been made?