Equality in compensation and benefits.

A final important element in the development and retention of talent is offering fair and equal compensation to all your employees.

In many industries worldwide, not all employees get equal compensation. If you want to work on DEI, it’s essential to implement an inclusive and consistently applied compensation & benefits policy. There are different pay or wage gaps, such as the gender pay gap, the racial pay gap, the motherhood pay gap, etc. Data from the OECD show that the gender wage gap, for example, is a global issue.

If your company is serious about DEI, it must address potential wage gaps or inequalities. You will need executive buy-in and commitment to implement and adhere to equal compensation decisions.

Action 1: evaluate your current compensation and benefits policies

Action 1: Evaluate your current compensation & benefits policies.

You might think your compensation & benefits strategy is fair and transparent but is that the case? Committing to equal pay is of the utmost importance to keep all your talent, especially those from underrepresented groups. It’s therefore essential to evaluate the status of your comp & benefits strategy. That might lead to discovering issues you were unaware of or uncomfortable conclusions. First, it’s necessary to assess and map your current strategies thoroughly. Then, consider taking the steps below:

Regularly audit your pay systems and continue making the necessary adjustments.

Action 2: check your performance appraisal and career development process

Action 3: structure reward systems and make them transparent

Action 4: introduce inclusive benefits

Become a DEI expert.

This is a collection of articles that allows you to take a deep dive.