Pay transparency is a reality in several states and many organizations are not ready. A number of states and localities have enacted legislation, and employees are increasingly applying pressure on their employers for greater visibility into pay ranges, structures and the rationale used for compensation decisions.
Implementing pay transparency entails more than the mechanics of disclosing pay information. Consideration of strategic matters, such as the impact on culture, retention, employee experience and the ability to attract top talent is critical. We believe that employers who embrace transparency with the above considerations in mind will boost engagement and retention, while competing more effectively for talent.
"Pay Transparency: One Size Does Not Fit All," a paper by A&M Compensation & Benefits and Talent, Organization and People experts, discusses the key benefits, recent developments, challenges and considerations of pay transparency.
Learn how Alvarez & Marsal can help organizations navigate their pay transparency journey.
This article was written with significant contributions by Nicolette Sampair, Director, and Sage Reisner, Manager.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.