Pay Equity Changes for 2023! What Employers Need to Know to be Compliant!

Overview:

Despite civil rights laws and advancements in women’s economic status, wage discrimination still persists in every state and virtually every occupation. Women who work full time, year-round take home about 83 cents for every dollar that non-Hispanic, white men earn. Over a career—defined as 47 years of full-time work—women’s total estimated earnings loss compared with men is $700,000 for a high school graduate, $1.2 million for a college graduate, and $2 million for a professional school graduate.

A pay gap also persists across all racial and ethnic groups. Women of color experience wider pay gaps—among full-time workers in 2020, Black and Latina women made, respectively, 64 cents and 57 cents on the dollar as compared to non-Hispanic white men. The overall pay gap has only decreased by a nickel during the 21st century and, unless action is taken, the pay gap between men’s and women’s earnings will not close until 2093.

Areas Covered in the Session:

• What is the goal for pay equity for 2023?
• Learn what the Equal Employment Opportunity Commission (EEOC) requirements are and what the pros and cons are to establish pay equity policies
• Learn how the National Labor Relations Board (NLRB) has developed specific pay guidelines for union and non-union employers
• Learn what states are schedule to require pay transparency regulations
• Learn what types of pay transparency requirements will be mandated
• Learn what Employers need to do to become compliant with the Pay Equity requirements
• Learn how pay equity will enhance your retention of valuable employees
• Learn what pay transparency looks like in job postings
• Learn how the Salary History Ban when hiring is a huge step when it comes to pay disparity
• Learn how the Great Resignation has impacted the labor market and forced Employers to increase salaries
• Learn how conducting an internal pay equity audit will let you know where you stand when it comes to pay disparity
• Learn what best practices can be initiated to ensure employees that you take pay equity seriously

Why Should You Attend?

The pay gap between male and female executives at U.S. companies expanded during the pandemic after years of improvement, according to a new analysis by financial research firm Morningstar.

In 2020, the first year of the pandemic and the most recent year for which pay-disclosure data is available for publicly traded companies, the gender pay gap in the C-suite became wider, "a reversal of the narrowing that occurred between 2015 and 2019.

Getting to the root cause of a pay gap involves:

• Organizing an interdisciplinary team that includes representatives from compensation, total rewards, diversity and inclusion, talent acquisition, performance management, training and development, and in-house and outside legal counsel.
• Establishing legal privilege over the assessment to protect it from disclosure.
• Looking for patterns

Who will benefit?

• Human Resource Professionals
• Payroll Professionals
• Employee Benefits Specialists
• Compensation Analysts
• Compliance Officers
• In-house Legal Counsel
• Financial Controllers
• Operations Managers
• Executive Leadership (CEO, CFO, COO, etc.)
• Diversity and Inclusion Officers
• Labor Union Representatives
• Management consultants