If you haven't heard already, Goldman Sachs just agreed to pay a whopping $215 million to settle a lawsuit brought by current and former employees claiming they consistently underpaid women associates and vice presidents over the past 21 years. It's an important reminder that pay disparities are still a reality in today's workplace landscape. According to this 2023 article, on average, women earn just 82 cents for every dollar earned by a man. And women of color earn even less. This not only affects the paychecks, but the lower earnings result in 30% less contributions to retirement accounts then men.
There are many takeaways to learn from this settlement, one of them being your employees shouldn’t have to ask to be paid fairly. You should just pay them fairly from the start.
It’s not just the right thing to do - it's good business. So how do you know where your organization stands in relation to the market or if there are underlying pay disparities? You start with a compensation benchmarking study coupled with a compensation analysis.
Why compensation benchmarking is important:
Land For Publix-anchored Leland Shopping Center Sold For $3.7M
Emma Dill
-
May 9, 2025
|
|
General Contractor Announces Development Underway On Rental Homes In Navassa
Staff Reports
-
May 9, 2025
|
|
International Grocery Store Coming To Oleander Drive
Cece Nunn
-
May 8, 2025
|
The patent-pending Oyster Catcher is a biodegradable hardscape composed of plant-fiber cloths and a mineral-based hardening agent....
In their brick-and-mortar space in the Cargo District, Abbye McGee has 15 full-time employees, including an executive chef and operations di...
The organization formed to provide children as young as 4 and young adults as old as 21 living in the Wilmington area with custom living arr...
The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.