Where It Fits in Your DEI Strategy
By Ronda Carnegie
Equality is a choice and unconscious bias is an excuse.
– Shelley Zalis, CEO of The Female Quotient
If you’ve landed here, you’re already concerned about pay equity in the workplace, as we all should be. The economic effects of the pandemic have had a significant impact on women’s earnings. The SHEcession is real.
It’s time to see where your company stands starting with The Advancing Equality Calculator™. Use this free tool to calculate your company’s raw pay gap and start the discussion needed to create a more equitable future.
Who is it for?
The Advancing Equality Calculator is for businesses of every size. Whether your company has 10 or 10,000 employees, every conscious leader should be aware of where they stand on the pay parity spectrum and drive deliberate action to close the gaps.
What exactly is the “raw” pay gap?
The raw pay gap compares the median total compensation between two different demographic groups – in this case, men and women – without adjusting for additional factors such as geographic location, level of education, job function, etc. For many companies, analyzing the raw pay gap reveals a stark difference when it comes to the number of men versus women in top-paying roles.
What data is needed to get started?
- Total number of employees by gender
- Aggregate annual salaries by gender
- Median salary by gender
- Yearly revenue
If you do not have access to company-wide salary data, team up with your human resources department, lobby the C-suite and enlist the help of the DEI lead at your company. Alternatively, start smaller within your own department. By analyzing and sharing the results, you will set an example for your colleagues to follow.
What will I learn from the Calculator’s analysis?
- Your company’s raw wage gap
- How it compares to other industries
- The potential impact on GDP if your company were to close the wage gap this year
- A comparison of the years required for your company to reach pay parity if you take action versus continue conducting business as usual
- Tailored insights to help your company make the case for pay equity
How often should I use it?
The first step is understanding where you are right now. Once you have taken that step and enlisted your colleagues to take action, we encourage you to come back at regular intervals, update your data and check progress. Depending on how aggressive your action plan is, you may choose to analyze quarterly, semi-annually or at the close of each year.
Once you have your analysis, learn how you can take the next steps and engage your management team and entire company in a committed effort to reach pay parity.
Get started with the Advancing Equality Calculator now.