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PayScale’s compensation management software enables organizations to identify pay gaps and monitor and maintain pay equity with advanced analytics
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The USC Race and Equity Center will provide advisory services to PayScale customers on pay equity initiatives to achieve diversity, equity and inclusion goals
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PayScale’s recent Racial Wage Gap Report shows that Black women are the most disadvantaged group making 97 cents to every dollar white men make for the same job and experience, which at the current rate of change will take seven years to close
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Dr. Shaun Harper, founder and executive director of the USC Race and Equity Center, professor at the USC Marshall School of Business, and editor-at-large of TIME magazine will deliver a keynote at PayScale’s upcoming annual “Compference”
PayScale, Inc. and the USC Race and Equity Center are partnering to help organizations achieve pay equity that goes beyond a one-time engagement and incorporates continuous monitoring and maintenance to keep pace with the business. Working together, both organizations will uniquely combine research, technology and advisory services to expand diversity, equity and inclusion into compensation. Beginning in October 2020, PayScale and the USC Race and Equity Center’s Pay Equity Analysis and Advisory offering will be available for PayScale MarketPay customers to create a path to pay equity.
“We want to empower our customers to be critically conscious of gender and racial inequality and be proactive agents of change when it comes to pay equity,” said Scott Torrey, CEO of PayScale. “PayScale’s compensation technology enables organizations to monitor pay equity by using statistical models and advanced analytics to show whether and to what extent gender, race or other protected characteristics influence employees’ compensation. Our partnership with the USC Race and Equity Center empowers our customers to confidently manage pay equity through access to strategic guidance, insight and ongoing support.”
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“Our partnership with PayScale aligns closely with our overarching goal to illuminate, disrupt and dismantle racism in all its forms,” said Dr. Shaun Harper, founder and executive director of the USC Race and Equity Center. “We provide executives and managers with effective strategies to improve and advance equity, diversity, and inclusion initiatives in their companies using methods that are accessible, adaptable, scalable, and informed by interdisciplinary research. Working with PayScale gives us the innovative technology and data we need to support our Pay Equity Solution. With PayScale, we are more able to help corporations, educational institutions, and other organizations achieve their pay equity goals and implement sustainable practices to minimize pay discrepancies.”
PayScale’s compensation technology uses HRIS data to help organizations monitor and conduct analysis to identify any pay inequities associated with gender, race and other variables with advanced visualizations and customizable dashboards that can be easily refreshed. The USC Race and Equity Center will provide business analysis to assess compensable factors, conduct regression analysis on behalf of PayScale customers and consult with organizations to help them understand the data and implement organizational change.
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PayScale has a long history of research and analysis of wage and labor data, including tracking the Gender Pay Gap and the Racial Pay Gap. PayScale’s recently released Racial Wage Gap Report reveals that Black men and women have some of the lowest earnings compared to white men when data are controlled for every compensable factor except race and gender. Black women earn 97 cents for every dollar earned by a white man with the same job and qualifications while Black men see a pay gap of 98 cents.
According to PayScale’s analysis, a Black woman with the same job and qualifications as a white man would need to repeat 2020 2.2 times in order to catch up to white men’s lifetime earnings. At the current rate of change over the last five years, it would take seven years for Black women to close this pay gap. However, by engaging with PayScale and the USC Race and Equity Center, organizations can quickly understand where pay inequities exist internally and take action to close the racial and gender pay gaps sooner.
As one of the nation’s most highly respected racial equity experts, Dr. Shaun Harper will deliver the keynote at PayScale’s annual event on compensation management, Compference, which attracts an audience of HR leaders and compensation professionals to learn from industry experts about how to turn compensation into a competitive advantage.