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News 1 min Published: 2023-10-23
Implementing Pay Transparency and Lessons From the Past
Who remembers Y2K, when the world was supposed to grind to halt at 00:00 01.01.00? A few things went wrong, but nothing as catastrophic as predicted.
Compare this, then, with the introduction of GDPR across the EU in May 2018. Admittedly there was less time to prepare. However, it seemed it wasn’t until anecdotal stories of companies receiving large financial fines, that organisations woke up and took the issue seriously. Reasons for this lateness was the complexity involved, dealing with legacy data challenges, resource constraints and lack of awareness.
So what has this to do with pay transparency?
In some ways they are all similar: there is a definite deadline (7 June 2026) and there are financial consequences for non-compliance. In addition, the closer the deadline becomes, the greater resource constraints will be.
Employers need to review and document their pay and promotion strategies. They need to understand (and perhaps remedy) their internal pay equity as well as their job architecture. And they must have a clear communication and implementation plan in time for the deadline, or earlier.
For employees, it means they will know average pay information by gender for those doing similar work, together with their employer’s pay practices and how promotions are possible.
Unlock Pay Equity with Sysarb: Your Partner for Smooth Pay Transparency Implementation
Sysarb can help you prepare, at the pace which works best for your organisation. We are experts in pay transparency and have the technical abilities with our intelligent Pay Transparency platform, to analyse pay equity across an organisation. With our consulting team on hand, we can ensure a smooth implementation of pay transparency in good time. What are you waiting for?
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