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Lack of equity in compensation, advancement may curtail employers’ DEI strategies

Summary

This article discusses the lack of equity in the workplace in terms of compensation, advancement opportunities and educational requirements. Employees are less likely to feel that their organizations value diversity or that they feel a sense of belonging. Employers can improve fair compensation practices with skills assessments and skills-based hiring, and should focus on upskilling and internal mobility. Assessments beyond traditional degrees can help with equity in educational requirements, and employers should also focus on workplace culture in order to improve equity in employee experience and self-development opportunities.

Q&As

What areas of equity are identified in the 2023 Equity in Hiring Research Report from HireVue?
The 2023 Equity in Hiring Research Report from HireVue identifies equity in compensation, advancement opportunities, and educational requirements.

How do HR professionals and employees differ in their opinion on pay transparency and career growth?
HR professionals are more likely to say their organization values diversity, that they feel a sense of belonging in their organization or that they feel their unique background and identity are valued. Employees are less likely to say these things and are more likely to note a lack of transparency and equity in compensation.

How can employers improve fair compensation practices?
Employers can improve fair compensation practices with skills assessments and skills-based hiring.

How can assessments beyond traditional degrees help improve equity in educational requirements?
Assessments beyond traditional degrees can help with equity in educational requirements by giving candidates the opportunity to demonstrate the required skills.

What data and tools are needed for directors to define clear targets and metrics for equity goals?
Directors need better data and tools to define clear targets, metrics, reporting structures and integration with business outcomes in order to improve equity goals.

AI Comments

👍 This article provides valuable insights on how employers can create a more equitable workplace through compensation, advancement, and educational requirements. It is encouraging to see that employers are taking steps towards creating a more equitable and inclusive workplace for all employees.

👎 The article does not address the issues of workplace culture and how it contributes to inequity in employee experiences. It is important for employers to address these issues in order to create a truly equitable workplace.

AI Discussion

Me: It's about how lack of equity in compensation, advancement, and educational requirements could be a hindrance to employers' DEI strategies. The article points out that only half of employees feel supported in their career growth and that many employees reported a lack of transparency and equity in compensation.

Friend: Wow, that is concerning. What are the implications of this?

Me: Well, there could be a number of implications. For one, it could lead to a decrease in productivity and a decrease in the bottom line. It could also mean that potential employees feel discouraged from applying for roles due to lack of information on compensation. Furthermore, it could lead to a gap in workplace culture, which could contribute to inequity in employee experience and self-development opportunities.

Action items

Technical terms

DEI
Diversity, Equity, and Inclusion.
Compensation
Payment or reward given in exchange for services rendered or goods supplied.
Advancement
The act of moving forward or progressing.
Educational Requirements
The qualifications or credentials needed to be accepted into a program or to be hired for a job.
Skills-Based Hiring
A recruitment process that focuses on the skills and abilities of a candidate rather than their educational background or experience.
Upskilling
The process of teaching employees new skills or improving their existing skills.
Internal Mobility
The ability of employees to move between different roles or departments within the same organization.
Discriminated Against
Treated unfairly or unequally because of a particular characteristic or attribute.
Workplace Culture
The values, beliefs, and behaviors that are shared by the members of an organization.

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