In this episode of "Comp and Coffee," Ruth Thomas is joined by Lulu Seikaly, our senior corporate attorney and pay transparency expert at Payscale, to unravel the complexities of pay transparency trends and legislation. With new laws continually emerging, the duo explores what this shift means for organizations, employees, and the future of compensation practices. This episode is packed with insights on compliance, the growing importance of trust in pay practices, and practical steps companies can take to effectively navigate these changes.
Key Highlights
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Overview of the latest pay transparency legislation in the U.S. and Europe, including specific state and country initiatives.
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Discussion on the misconceptions and challenges organizations face regarding pay transparency and how to overcome them.
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The importance of internal pay equity checks and getting organizational structures in order before posting salary ranges.
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Best practices for building trust through transparency and its impact on employee retention and satisfaction.
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Upcoming trends and potential legal challenges in the pay transparency landscape, including increased focus on pay communication and equity audits.
Quotes
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"The term pay transparency kind of has this notion that you have to show off your salaries that everyone makes within the company. But... they don't require employers to post everyone's salary for the world to see." – Lulu Seikaly
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"Once an employee understands why they're being paid, the way they're paid makes those ideas dissipate." – Lulu Seikaly
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"If your employees trust you, then they will be more engaged, they are more likely to stay with you, and they are more likely to be productive." – Ruth Thomas
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