Women in America are paid 20% less on average than their male colleagues, despite multiple legislative attempts to end gendered wage discrimination.

Since 2010, my company, BalancedComp, has been developing tools to level the playing field. As the national conversation once again becomes attentive to wage inequality in the wake of the U.S. Women’s National Team’s victory at the 2019 Women’s World Cup, we’re uniquely positioned to lead the fight against wage discrimination.

Our strategy begins with data, and in our experience, diversity and inclusion have always been a fundamental component of good data. If we have the opportunity to create a better understanding of how compensation works across an even wider range of factors, it only improves our ability to help our clients create more equitable workplaces.

I see my role at BalancedComp as offering a powerful corrective to the idea that equal pay is a thing of the future.

BalancedComp provides banks and credit unions across the country with high-quality compensation survey data and robust consultation services for human resource departments. Our suite of apps analyzes market data for salaries and incentives across hundreds of job descriptions in dozens of markets across the United States. Using proprietary algorithms and expert analysis, we can determine whether a client is underpaying or correctly compensating employees based on multiple criteria, including performance, tenure, and gender. This year, we incorporated newly released gender survey data, and included a non-binary gender preference in order to accommodate and account for employees who don’t identify as male or female.

Taking the guesswork out of compensation means employers can easily discover where unintended bias may have crept into pay calculations, and quickly adjust. And word gets around, whether it’s positive or negative. Employees talk to their friends; everyone has their own network in the digital age. You want your company to be known as the company that takes equitable pay seriously. It can bring a real competitive edge.

I see my role at BalancedComp as offering a powerful corrective to the idea that equal pay is a thing of the future. As a society, we have the tools to solve this right now. We just have to decide to use them.

 

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New Webinar

How do you know whether your company is engaged in meaningful pay analyses and committed to eradicating pay disparities between workers of different genders?

During this webinar, Christie Summervill, CEO of BalancedComp, will show you pragmatically how to assess risk, evaluate the company’s commitment to pay equity, and clearly demonstrate findings.

Reserve your spot!

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