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Are you on top of pay equity in the branch?

January 28, 2019

Recent news from Citi that their “median pay for women globally is 71% of the median for men,” highlights the real possibility that many financial institutions could have pay equity challenges.

All sorts of consequences come out of this serious issue, including but not limited to: damaging your brand, hurting recruiting efforts, and increasing turnover.

One avenue for banks and credit unions to pursue, to help stay ahead of problems caused by pay equity, is having the right reporting solution to identify trends in pay and take the right steps to course correct.

Properly harnessing data to identify any potential pay equity happenings by position and location within your organization on an ongoing basis can:

  • Mitigate compliance risks– staying ahead of everchanging government regulations
  • Protect your brand – avoiding costly negative press around pay inequity
  • Improve recruiting – ensuring equal pay sends the right message to your potential candidates
  • Decrease turnover – caused by possible inequitable pay practices

Learn more about about the Kronos analytics solution here.

 

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