3 Reasons Why You May Wish To Have A Pay Gap Analysis Done For Your Company
Studies continue to come out, showing that there is a pay gap between male and female employees. In many cases, females are paid less for doing the same or equal work than their male counterparts. As such, many companies are looking to conduct a pay gap analysis, or a study that helps them to determine if a pay gap exists within their company, as well as how big that gap might be. As a business owner, you may find yourself wondering if you should really invest in a pay gap analysis and why you should consider having one. Here are three reasons why you may wish to have a pay gap analysis done for your company.
1. To See If a Pay Gap Exists Within Your Business
One of the main reasons why companies have a pay gap analysis done within their company is to see if a gap actually exists within their business. Many business owners have someone else, such as a human resources department, handling the hiring and pay for employees. They do not have firsthand knowledge as to how much their employees are paid and whether men are paid more than women for the same jobs. A pay gap analysis can let you know whether there is inequality within your business or not.
2. To Help Protect Your Business Against Legal Action
Another common reason why you may want to have a pay gap analysis done for your company is to help protect your business against a legal threat. Maybe your business was sued for paying women less than men. A pay gap analysis can help to show if this is true or not, which can help you in a court case.
3. So You Can Advertise You Offer Equal Pay
The final reason why you may wish to have a pay gap analysis done is so that you can advertise that you offer equal pay. Making false statements can open you up to a lawsuit. However, having the data to back it up allows you to use this information in your advertising, which may help boost consumers' opinion of your company and/or help you to attract and retain female employees.
It is important to understand that a pay gap analysis will only determine if a pay gap exists between male and female employees within your company, including how big the pay gap is. What you do with the information is then up to you. Some people use the pay gap analysis to start working toward equal pay for males and females within their company, while other companies use the information to help fight a lawsuit they may be facing. Contact a pay gap analyst today to learn more about having a pay gap analysis completed.