In the latest HR On the Offensive podcast, Chris and LACE Director Pavan Bilkhoo speak with their guest, Michelle Gyimah, who is a keynote speaker and a consultant specialising in gender and ethnicity pay gaps. The discussion revolves around the challenges and strategies related to pay transparency.
What is pay transparency?
Its aim is not about everyone knowing everyone else’s salary but instead to promote fairness, reduce wage gaps, and foster trust between employers and employees by enhancing visibility and understanding of compensation practices. Organisations can choose a point on the transparency spectrum that aligns with their values and goals.
Michelle emphasises the need for organisations to analyse their gender pay gap data and create effective strategies and action plans. Structural issues within organisations, including recruitment, promotion, retention, and workplace culture, are contributing to the persistence of pay gaps.
Different organisations, irrespective of their size, are facing the same pay gap challenges. That is why they should be addressing the structural problems rather than just focusing on the reported pay gap. Michelle highlights the efforts made by male-dominated industries to reduce gender pay gaps, such as focusing on recruitment strategies and supporting career progression for women.
How can you effectively measure pay transparency initiatives?
Michelle encourages organisations to look beyond the pay gap figure and consider other meaningful metrics related to diversity, equity, and workplace culture. Michelle is questioned about the future of pay transparency, and she expresses a desire for organisations to shift focus from figures to equitable career progression, making it the goal in addressing pay disparities.
If you are considering pay transparency within your organisation, listen now to understand the challenges associated and how you can mitigate them.