The Institute for Workplace Equality, a non-profit organisation that works with employers on workplace diversity and equal pay, has unveiled a new tool to address America’s corporate pay gap. The Pay Equity Index (PEI) is capable of evaluating an organisation’s pay equity practices beyond a traditional pay equity study or wage gap analysis, according to the Institute.
“The PEI is a powerful and distinct index that provides a holistic view of an organisation’s pay practices,” states Barbara Kelly, Director of The Institute for Workplace Equality. “It lays a foundation to enhance pay practices and diversity initiatives within your company.”
THOROUGH ANALYSIS
The PEI evaluates multiple employment practices that contribute to overall pay equity by using best practices in social science and statistical methodology, says the Institute. It can examine wage gap, starting pay, performance measures, talent distribution in the workplace, advancement opportunities, company policies and retention.
The PEI analysis condenses all the relevant information into a comprehensive report, providing a score on the employer’s personnel processes, as well as a benchmark score on their overall effectiveness compared to other firms/competitors in their industry. It will also highlight areas that need attention with suggested recommendations, the Institute adds.
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