It’s the law in some cases, but compliance is only the beginning. Adopting pay transparency may also help you improve pay equity, build trust with your employees and establish yourself as an employer of choice.
You asked and we answered. Find out how we responded to some of the most common questions about pay transparency.
Use our checklist to ensure you cover the most important criteria when preparing for pay transparency.
Understand the concepts, laws and expectations.
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PEOPLE ANALYTICS
We get it – not everyone’s compensation structure is ready for prime time. Before you publicly reveal pay or pay ranges, you may need to consult counsel and conduct a pay audit with pre-defined goals. That way you can determine if you’re paying people at market value and address potential pay inequality.
ADP’s people analytics can help you quantify pay gaps by gender, race and ethnicity, and estimate the costs to close them. Included benchmark data allows you to compare compensation by industry or geographic region and establish competitive pay ranges.
COMPENSATION MANAGEMENT
Make more informed, equitable decisions about compensation while minimizing the need for HR assistance. With ADP’s compensation management, you’ll have instant access to modeling tools, interactive worksheets and data, including pre-defined guidelines, salary ranges and more. You can even make ad hoc changes to compensation and effective dates via a self-service tool.
MEET OUR CLIENTS
We really like the salary benchmarking data tool for our annual review of employee compensations and our CEO is also a big fan. If there’s a new role that we are hiring for we can benchmark what that salary might cost us and see what different regions we can hire in to keep within our budget.
Suzanne Harris Vice President of Human Resources, NexusTek
MEET OUR CLIENTS
The ADP Compensation Management module is, by far, the biggest time saver that we have implemented. Our previous process literally took weeks to roll out and complete. Now, we can accomplish it in about day. That is so much time saved. The compensation module has been a life changer.
Theresa Allen Payroll Specialist/HR administrator, Home Federal Savings Bank
MEET OUR CLIENTS
The best decisions that we can make as an organization are ones that are based on solid data or information that our employees are giving back to us. So, in addition to the feedback that we continue to collect from our employees, having data from ADP DataCloud with reporting helps us to make sure that we’re focused on the right things.
Laura Sorensen Chief People Officer, First Watch Restaurants Inc.
MEET OUR CLIENTS
Now whenever I need to, I can easily show our executives the retention rate, the turnover rate, the average comp ratio of our key positions and more. That has translated into a lot of proactive decision making with respect to what we want to do with our overall compensation strategy.
Christine Ellinger Chief Human Resources Office & Senior Vice President, Central Trust Bank
