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:
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The 2023 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.