Garry Straker and David Turetsky - SHRM 2023 - Avoiding Unintended Consequences of Pay Transparency

Send us a text Summary: This past June, Garry Straker, Senior Compensation Consultant and Salary.com, and our very own David Turetsky led a presentation focusing on pay transparency at the SHRM23 conference in Las Vegas. With pay transparency already a reality for some states and an inevitability for others, many HR professionals see benefits of it and also have concerns about some of its possible consequences. In this recorded session, Garry and David dive into it all: pay transparency “pros”, “cons”, how to prepare for it, and how to make the most of it.  In this episode, Garry and David talk about the impacts that pay transparency can have on an organization and how to avoid its unintended consequences.  Chapters: [0:00 - 3:53] Introduction Welcome, Garry Straker and David Turetsky! Today’s Topic: Avoiding Unintended Consequences of Pay Transparency [3:54 - 21:25] What do we mean by “pay transparency” and what new legislation are we seeing related to it? Pay transparency means more than just salary ranges Many state have already, or will soon be, signing pay transparency legislation into effect Horizontal pay transparency vs Vertical pay transparency [21:26 - 36:34] Why is pay transparency important and where are some of its impacts? It prevents new employees from entering an agreement where they’re unknowingly being paid unfairly While pay transparency requires more and better communication, you will build strong trust with both current and prospective employees Vertical pay transparency gives employees a line of sight into career growth within organizations [36:35 - 52:51] Avoiding the unintended consequences of pay transparency Pay transparency should help better define roles within an organization Why updating job descriptions and market pricing are critical to creating a good salary structure [52:52 - 55:48] Closing Thanks for listening! Quotes: “Letting people know what you make might feel uncomfortable, but isn’t it less uncomfortable than wondering if you’re being discriminated against or being paid unfairly?” “The #1 ‘pro’ of pay transparency is that it will effectively eliminate gender and racial [pay] gaps.”Resources: Address Pay EquityContact:Garry's LinkedInDavid's LinkedInPodcast Manger: Karissa HarrisEmail us!Production by Affogato Media To schedule a meeting with us: https://salary.com/hrdlconsulting For more HR Data Labs®, enjoy the HR Data Labs Brown Bag Lunch Hours every Friday at 2:00PM-2:30PM EST. Check it out here: https://hrdatalabs.com/brown-bag-lunch/ Produced by Affogato Media