MJBizMag May-June 2022 - 42

SALARY AND HIRING ISSUE
only making 80% to 84% of what men
make for the same job, " Finkelstein
said, citing the Bureau of Labor
Statistics, Pew Research and the QWI
(Quality Work Index) Explorer of the
Census Bureau.
Even one or two cents on the dollar
in missed wages is not as minute a
difference as it might seem. In a year,
it can amount to thousands of dollars,
and compounded over careers of
30 and 40 years, add up to hundreds
of thousands of dollars, exacerbating
the wealth gap.
Audits and Transparency
Perhaps the most important first
step a company can take to achieve
pay equity is to conduct what human
resource professionals call a pay-equity
audit (PEA). A PEA requires numerous
steps, but there are many free guides
available that describe the process
(see " Resources to Combat Bias
and Pay Inequity " ).
A successful PEA requires that
auditors work with an accurate set
of employee data, including each
employee's length of service, job
classification and demographic
information including age, gender and
race, according to the Harvard Business
Review. The better the HR recordkeeping
systems, the better the data will
be, and less work will be required to
clean it up for auditors.
Resources to Combat
Bias and Pay Inequity
Achieving a diverse workforce and pay equity takes work and
intention, but taking that first step can seem overwhelming
when you're not sure where to begin.
Luckily for cannabis executives aiming to meet goals of diversity,
equity and inclusion (DEI), rich literature already exists on the
subject, along with several advisory firms to help you get started.
Visit the digital edition of MJBizMagazine at
mjbizdaily.com/marijuana-business-magazine for links.
" Bias-Free Hiring Quick Reference Guide "
This guide identifies the stages of bias literacy so you can identify
where you and your company rate in becoming bias literate.
It identifies 13 types of biases in hiring and offers tips on how
to structure the hiring process to minimize the impact of bias.
(Turner Consulting Group, nine pages.)
" Conducting a Pay Equity Audit "
This guide provides practical guidance for employers considering
a pay equity audit to assess pay disparities among employees
performing equal or substantially similar work. It addresses
the purpose and parameters of the audit, practical guidance
for conducting the audit and post-audit considerations and
remediation strategies.
(Karen L. Corman. Skadden, Arps, Slate, Meagher & Flom,
15 pages.)
" Some organizations
now are starting to
publish their salaries,
and that's a proof of
pay equity. "
- Natasha Bowman,
Performance ReNEW
" 2022 State of the Gender Pay Gap Report "
This annual report reveals how much women are paid compared
to men with analyses by age, education, industry, job level,
occupation and race. Employers can help close the gender pay
gap with pay equity analysis and continuous monitoring within
their organizations using compensation-management software.
(Payscale, 11 sections.)
" How Fair Pay Perception and Pay Transparency
Combat Turnover "
This report looks at the impact of fair pay perception and pay
transparency on job-seeking behavior as well as turnover rates
and strategies organizations use to retain employees.
(Payscale, 15 pages.)
42 May-June 2022 | MJBizMagazine
http://www.mjbizdaily.com/marijuana-business-magazine https://wmich.edu/sites/default/files/other/u102/2018/Bias%20Free%20Hiring%20-%20Quick%20Ref%20Guide.pdf https://www.skadden.com/insights/publications/2019/09/conducting-a-pay-equity-audit https://www.payscale.com/research-and-insights/gender-pay-gap/ https://www.payscale.com/content/whitepaper/Fair-pay-perception-and-pay-transparency-combat-turnover.pdf https://www.payscale.com/content/whitepaper/Fair-pay-perception-and-pay-transparency-combat-turnover.pdf

MJBizMag May-June 2022

Table of Contents for the Digital Edition of MJBizMag May-June 2022

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