Now is a Good Time to Look at Pay Equity
The new year is traditionally a time for reflection, and not just for individuals—organizations can also make good use of this opportunity to reflect on their mission and how they can improve more than just the bottom line. After all, to survive in this era of the “Great Resignation,” companies are going to have to focus on what matters most—their workforce. If it’s been a while since you last evaluated compensation to ensure everyone was getting paid fairly, no matter their race or gender, now is the time.
And one company paving the way on the road to closing the pay gap is UKG. UKG recently announced a multimillion-dollar pay equity initiative—sensibly titled the “Close the Gap” initiative—to bring awareness and action to the pay disparity between men, women, and underrepresented groups impacting today’s workforce.
Because the pay gap is still around. For every dollar a US man earned in 2020, a woman made only $0.82? That’s a gap of 18 cents. And the numbers are even worse when you look at black, transgender, and immigrant women.
What is the UKG Close the Gap Initiative?
So how exactly will UKG commit to closing the pay gap? The company plans on funding programs, nonprofits, education, and research, all in support of this initiative. As Brian Reaves, chief belonging, diversity, and equity officer at UKG, said in the company’s press release, “Through the UKG Close the Gap Initiative, we seek to enact change related to pay inequity and encourage others to join the fight for more inclusive, fair, and unbiased workplaces.”
Here are a few specific examples the company announced:
Close the Gap Commitment
To help close the wage gap, UKG is contributing $0.18 (the current gender wage gap) for every employee paid each year via a UKG payroll solution. With over 15 million employees paid through UKG solutions annually, that equates to a $3-million “putting your money where your mouth is” investment to the cause.
Pay Equity in America Research Study
UKG is sponsoring Harvard Business Review Analytic Services research on pay equity in America, as better data helps us make smarter decisions, whether you’re talking about business forecasts or public policy. This research will examine the existing pay gaps between men and women in the workforce and how companies are making progress in closing them. The study is expected to be released in late 2022.
Philanthropic Support
Leveraging the strength of experts in this arena, UKG is partnering with four nonprofits focused on bringing more access to education, career, opportunity, and pay equality to women, women of color, and other traditionally underrepresented groups. Those partners include Grantmakers for Girls of Color, LeanIn.org, Reboot Representation, and 9to5.
Educational Resources and Awareness
UKG is also partnering with experts to develop resources for best practices in human resources (HR), compensation planning, recruiting, and hiring that support pay equity. To bring more awareness to the problem, UGK will launch a broadcast and digital campaign around this issue.
Close the Gap Pledge
Finally, UKG wants others to join them in this fight. They’re inviting people to join the Close the Gap Pledge. Those who sign up will receive research, educational content, and other tools to make their workplaces more equitable.
How UKG Solutions Can Help
If you’re ready to help close the gap at your company, congratulations! That’s not only the right decision ethically, but it should also help to blunt the impact of the Great Resignation may have on your business—after all, employees tend to stay at workplaces that make them feel valued.
In addition to helping companies understand potential pay inequalities and other biases in their systems, there are plenty of other human capital management (HCM) solutions from UKG that can improve the overall employee experience. From money management products like UKG Wallet, to a wide variety of time scheduling tools, to awesome software like Workforce Dimensions, there’s probably a UKG solution designed to help you with whatever HCM need you may have.
And whenever you need help with a UKG solution, Surety Systems has a consultant for that too! Our senior-level UKG consulting team has the experience and knowledge needed to assist with implementations, tuneups, and everything in between. Contact us today to get started.
