Despite the Equal Pay Act and similar laws, the gender pay gap widened in 2023, with women earning 83 cents to every dollar earned by men. Pay transparency, mandated in 14 states to improve wage equity, allows workers to negotiate effectively. Many companies are investing in pay equity audits to address these issues and showcase their commitment to inclusivity. With three in four employers conducting regular audits, the focus on equitable compensation practices is growing. Melanie Naranjo highlights the importance of confronting the realities disclosed by compensation data in ensuring fairness in the workplace.
Despite decades of progress through laws like the Equal Pay Act, true pay equity remains unresolved, with a notable increase in the gender pay gap in 2023.
Pay transparency is gaining traction as a key strategy to promote equal pay, empowering historically disadvantaged workers during hiring negotiations.
The rise of pay equity audits among employers signifies a shift towards accountability in addressing pay disparities and demonstrating commitment to diversity and equity.
Melanie Naranjo emphasizes that companies must confront uncomfortable truths revealed by pay equity audits; these numbers expose often hidden bias in compensation practices.
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