Maria Colacurcio, CEO of the leading Workplace Equity Platform Syndio, told attendees of the Montgomery Summit that closing the pay gap and embracing key programs that optimize employee trust, loyalty, and productivity is paramount for companies to endure a volatile economy.
As the stock market falters and inflation grows, many companies face belt tightening, or even layoffs. Leaders must ensure they can recruit and retain the best employees. Colacurcio argued that workplace equity – valuing employees solely for their contributions without bias – is one of the most effective and efficient ways to allocate capital.
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“Business leaders are facing hard times — there’s no question,” Colacurcio said. “But companies can still retain and harness the talent in their workforces by providing equitable compensation and guaranteeing that, when opportunities for advancement do emerge, they’re committed to building the diverse teams long-term success requires.”
Moreover, unlike the last recession, workers hold an unprecedented amount of power while companies simultaneously deal with a surge in pay transparency legislation and ever-evolving ESG disclosures. Syndio’s Workplace Equity Analytics Platform helps companies meet these challenges. It is a groundbreaking suite of products and services that help companies measure and improve all facets of workplace equity — from bringing in talent fairly to compensating, retaining, and promoting them equitably. More than 200 companies, including 10 percent of the Fortune 200 and 20 percent of Fortune Magazine’s Most Admired Companies, use Syndio’s platform to close pay and opportunity gaps.
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“Embracing workplace equity is the best way to build trust with your employees and ensure long-term value for your business,” Colacurcio argued. “The pandemic severely eroded employee trust by highlighting complexities around hybrid work, spotlighting a severe lack of diversity, and setting the gender wage gap back three decades. It’s critical that employers do not erode the progress made in the last two years combating those challenges. To do that, leaders must recognize that equity is capital allocation at its most efficient – if done well, it costs nothing while companies reap the benefits of retaining top talent and not creating problems that will compound when the economy strengthens.”
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