The #MeToo and #BLM movements have brought increased attention to the inequalities that are present within our communities and workplaces. These movements are fueling discussions and provide an opportunity to consider change.
Pay equity is one example.
How is pay equity playing a role in social change?
As noted in a recent report by the Harvard Business Review (HBR), over a dozen states throughout the country have passed legislation that requires employers to file equal pay reports on an annual basis. Workers are also taking matters into their own hands, proactively comparing salaries and looking for discrepancies to discuss with their employer’s. This transparency will likely catalyze change and could lead to allegations of wrongdoing if business owners do not take action to ensure pay equity.
Why should physician’s groups and diagnostic labs join this push for change?
There are many reasons. Physician’s groups and diagnostic labs are no different then other business models when it comes to pay equity issues. Aside from regulatory requirements, it is also the ethical choice. As a result, those who take on business leadership roles within these organizations are wise to consider the following to help better ensure pay equity within their group:
- Conduct an internal audit. Schedule a pay equity audit. Compare those with similar work experience, training and performance to see if there is any disparity in pay.
- Address inequity as it is discovered. Remediate any issues that were discovered during the audit. The HBR publication noted above states that these audits result in an average finding of 5% of employees needing a pay increase of 4 to 6%.
- Identify operational gaps. Finally, review the organizations’ hiring, promotion and compensation practices to determine the source of the salary discrepancy. Make changes to better ensure these problems are no longer an issue in the future.