The wage gap remains as present today as it did in the 1950s, albeit to lesser severity. Women working full time are still paid on average “just 83 cents to every dollar earned by men,” and the numbers are even lower for Black and Latina women. As such, the importance of DEI within Finance and Accounting departments cannot be overstated. Let’s walk through a few ways to implement DEI through various financial operations:
Conduct a pay audit to improve pay equity, just like in the example. After all, you can’t fix a problem you aren’t aware of! Are people of particular demographics being paid less overall? If so, why? Is there an imbalance in promotion opportunities for people of majority versus minority groups? In the vein of the above example, are some people getting paid significantly less for doing effectively the same job as another person?
When compiling the annual financial report for shareholders, include a section about demographics, DEI statistics related to pay, and so forth. To do so is not only to ensure financial information regarding DEI is being monitored, but also to demonstrate to shareholders the significance of DEI to the organization as a whole.
Post pay ranges/pay rates in job postings and internally for prospective candidates and current employees to see. Not only will this help maintain pay equity through informational transparency, but to not be open about this information may give the wrong impression, as candidates may wonder if the choice not to be open about pay rates is because an organization has inequity they seek to hide.
Although most organizations no longer pay monthly, it is nonetheless important to emphasize that “[w]eekly or biweekly payroll frequency is the most equitable pay frequency.” Many people work paycheck to paycheck, therefore minimizing the time between each paycheck offers greater financial stability for employees.
Eliminating the wage gap, is not about docking a man’s pay to put him on the same level as a woman. It’s about recognizing when two people are doing similar amounts of labor to near-identical ends and compensating them fairly for that work!
Dima Ghawi is the founder of a global talent development company with a primary mission for advancing individuals in leadership. Through keynote speeches, training programs and executive coaching, Dima has empowered thousands of professionals across the globe to expand their leadership potential. In addition, she provides guidance to business executives to develop diversity, equity, and inclusion strategies and to implement a multi-year plan for advancing quality leaders from within the organization.
Reach her at DimaGhawi.com and BreakingVases.com.
