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Fair Pay

Around the world, organizations are under pressure to demonstrate they are paying fairly. Governments are introducing new legislation, employees are demanding more transparency, and investors want reassurance and action. Employers need better analytics, as well as stronger governance of pay processes and open communication. Employers want to be confident they are paying employees fairly. Many of these issues are interdependent, and all of them require strategic planning and thought. We can help.

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Defining your pathway to fair pay

We work with organizations to develop their fair pay pathway as part of good pay management, and align them to broader diversity, equity and inclusion (DE&I) and environmental, social and governance (ESG) agendas. This includes confirming what aspects of fair pay matter most (is it pay equity, living wage, benefits for all or something else?), developing guiding principles and outlining priority actions. Commitment and perseverance in developing and managing your fair pay strategy is key components for success.

Understanding where you are – pay equity analytics

We use advanced (multi-variate regression) analytics to help clients understand current state quickly and comprehensively. We identify where there are pay gaps, which ones you need to worry about, what individual pay changes you need to consider and the potential costs, alongside longer-term pay program and practice improvements. Our analytics cover all pay elements, gender, race/ethnicities, age and are adaptable to your size and geographic footprint.

Integrating local regulatory requirements

We partner on the calculation, interpretation and communication of local requirements, building these into a broader company approach and narrative. This includes gender pay gap statistics (Ireland and UK), equal pay analyses (Germany, Sweden, Switzerland, US), employment equity compliance (Canada), pay index (France), and workplace equality plans, wage registries, salary policies (Spain, Portugal), CEO pay ratios (UK and US) and ethnicity pay gaps (UK).

Driving and sustaining change

We help you identify the root causes of pay inequities and the change you may need to make to how pay is managed in order to reduce the risks of inequities recurring. For many clients, this is a journey and can take several years. We support clients in building local buy in, developing manager guidance, accountability and reporting.

Telling your story

Developing a strategy for how and what you will communicate is essential in the success of your fair pay journey. Expectations of pay transparency and the types of internal and external stakeholders you need to communicate to are growing. We work with organizations in crafting how, when and where to tell their fair pay story as well as how to integrate it with their broader equity, diversity and inclusion agenda.

Why Willis Towers Watson

  • Global fair pay team with reward, talent, benefits and DE&I expertise
  • Comprehensive approach including pay equity, living wage, inclusive benefits
  • Global and local expertise that embraces support with local compliance alongside building a sustainable global approach
  • Market-leading analytics leading to practical pay actions and greater transparency
  • Point of View on Pay Fairness: it’s about good pay governance that supports a diverse, equitable and inclusive culture
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