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Ensure Pay Equity Across Your Workforce with DEI Scorecard in OpenComp

, , | Dec 15, 2022 6:00:00 AM | By

It’s no secret that employers with fair and transparent pay practices earn higher revenue and grow faster. Companies with a commitment to internal equity enjoy 87% less attrition, are 70% more likely to win new markets, and have a 35% greater likelihood to beat competitors. 

But making your commitment to pay equity a reality requires more than just intent. Without a clear and consistently updated view of your business’ internal equity, you’re at risk of gaps and inequity creeping into your organization with every new offer or promotion. 

With OpenComp DEI Scorecard, you’ll make pay equity a reality by routinely surfacing key insights about your company’s pay practices by gender and ethnicity.

Read on to learn how OpenComp’s DEI Scorecard can help you eliminate blindspots and ensure pay equity across your workforce.
 

Reveal granular insights about your company’s pay practices in seconds with DEI Scorecard.

Every hire or promotion decision impacts your company’s pay equity and composition. But historically, tracking the impact of changes involved manual calculations and siloed spreadsheets, making it incredibly difficult to spot and close pay and level gaps.  

DEI Scorecard in OpenComp takes the data provided in your employee records and matches it to the information that’s pulled directly from your HRIS integration, instantly providing you with critical insights that were previously unattainable.  

When you first open OpenComp DEI Scorecard, you’re greeted with an easy-to-understand visualization that details your company’s headcount breakdown by gender, ethnicity, or both. Below your headcount breakdown is your scorecard. Scorecard details how salary, equity, and levels differ among genders and ethnicity. By providing insights in an easy-to-compare detailed breakdown, you’ll be able to quickly surface areas of concern that require action, or to let employees and future hires know when you have pay parity moments to celebrate. 

 

Take a deep dive into departmental and individual pay equity with DEI Scorecard

Companies commonly just look at pay gaps by gender across their organization, but OpenComp DEI Scorecard empowers you to go deeper by providing granular insights into pay by department or level, and by gender, ethnicity, or a combination of both. Thanks to easy to use filters, you have the ability to create any report your organization may need to see in order to ensure pay equity. 

DEI Scorecard also provides you with a breakdown of individual employees.  By viewing a breakdown of how each employee contributes to your DEI scorecard, you can easily identify which employees require adjustments, and then take action that will help you reach pay parity. 

DEI Scorecard surfaces pay gaps and inequities, enabling you to take action today. Not only will you ensure pay parity, but you’ll build a culture of fairness that attracts and retains top talent longer.

Make a visible commitment to candidates and employees that pay parity matters to your business by joining OPEN Imperative. Members receive a free and confidential pay equity report. Get started today.

 

See DEI Insights reflected as range position in addition to market data with Range Builder and DEI Scorecard.

No matter what your compensation philosophy, DEI Scorecard is ready to report your insights in the way that’s most meaningful for your organization. That means if you’ve built pay ranges using Range Builder, DEI Scorecard enables you to see your insights reflected as range position, instead of as market data.

With Range Builder,  you can produce expert-level pay ranges in just three clicks that reflect your organization’s business strategy, values, and vision. And because pay ranges play a critical role in advancing a meaningful DEI practice that closes pay gaps, along with extending runway, increasing retention, and meeting new pay transparency regulations, high-performing businesses literally can no longer afford to put off creating pay ranges.

With DEI Scorecard and Range Builder, employers benefit greatly by simplifying their compensation decisions and improving employee trust, transparency, and retention. 

 

Become a compensation champion overnight with OpenComp Design Studio.

DEI Scorecard and Range Builder are both features of OpenComp’s Design Studio solution. 

Design Studio makes it easy to create professional-grade compensation programs that are optimized for effectiveness. You’ll execute with expertise, surface key insights, and simplify your entire comp admin in just a few clicks. Begin using OpenComp Design Studio, and become your organization’s compensation champion. 

See OpenComp Design Studio in action with a live demo.

 


Lexie Sirak is a Senior Campaigns Coordinator at OpenComp and previously worked at JPMorgan Chase & Co. Connect with her on LinkedIn here.