New pay equity laws require proof of fair pay
August 20, 2021
The gist: Are we looking at a developing cottage industry around equal pay? This week’s acquisition of Curo Compensation Ltd., by Seattle-based Payscale Inc., might signal yes. According to TechTarget, “pay equity is moving from a voluntary, competitive differentiator,” by Company’s looking to recruit and retain top talent, ”to the law,” citing, “the increasing recognition of pay equity's importance and the legislative push to ensure it.”
Many states have basic pay equity laws that prohibit wage discrimination, but California and Illinois are going a step further by adopting new pay equity reporting policies. They are requiring businesses with 100 or more employees to report data on pay, gender, race and ethnicity.
Payscale will be moving into the space to help companies accurately and transparently collect, record, and report on that data.
As pay equity accountability enters the free marketplace, could this ‘business approach’ represent innovation, commodification, and scale of pay equity solutions that finally help to do some damage to the gender pay gap?
Read the TechTarget article here.