Oklahoma Equal Pay Checklist
Description
How to fill out Equal Pay Checklist?
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FAQ
How Do You Calculate Internal Equity? Combining your internal and external pay equity research is the best way to start addressing any inequity in pay scales across your organization. Work with your HR team to conduct audits on at least an annual basis to review current pay and skill sets across each department.
The Equal Pay Act (EPA) protects both men and women. All forms of compensation are covered, including salary, overtime pay, bonuses, life insurance, vacation and holiday pay, cleaning or gasoline allowances, hotel accommodations, reimbursement for travel expenses, and benefits.
Subtract any stockholder dividends from net income if the company has profits. The remainder is the company's internal equity.
Internal equity is defined as the fairness of pay in a work environment. This means that employees who do the same jobs and provide the same value should receive the same pay. Internal equity helps promote equality and balance in an organization.
To successfully perform a pay audit or pay equity analysis within your organization, follow these seven steps:Plan early and plan well.Research your pay policies.Gather the data.Compare the work of employees with similar positions.Analyze the data.Assess whether pay differences are legally justified.More items...
5 Steps for Better Pay TransparencyDetermine where your company currently falls on the pay transparency spectrum, and where you want to be.Develop a pay philosophy that aligns with your talent strategy and culture.Clearly define roles and responsibilities, and use market data to set salary ranges.More items...
To address pay inequities, HR professionals and other experts suggest the following actions:Get buy-in from the C-suite.Conduct a pay audit.Work smart.Stop asking for pay history.Look through a diversity, equity and inclusion lens.Practice transparency.Talk about it.Limit manager discretion.
In order to report unfair wages, an employee must first file a complaint with a state or federal government agency that oversees unfair wage matters, such as the Equal Employment Opportunity Commission (EEOC). The agency that receives the complaint will then review the claim and open an investigation.
To address pay inequities, HR professionals and other experts suggest the following actions:Get buy-in from the C-suite.Conduct a pay audit.Work smart.Stop asking for pay history.Look through a diversity, equity and inclusion lens.Practice transparency.Talk about it.Limit manager discretion.
Having an established compensation plan for your jobs will help ensure that you have pay equity among all of your employees. Using the market-level salaries along with your projected revenue compared to your competitors is a good place to start. Decide on salary negotiation.