Management Consulting
Aon
Full Credential Description
The 2024 North America Pay Transparency Readiness Study reveals significant challenges faced by organizations in adapting to an increasingly complex regulatory landscape regarding pay transparency. The study, which gathered insights from over 600 HR and rewards professionals, highlights that a staggering 63% of companies do not communicate salary ranges to their employees. Furthermore, only 31% of respondents reported having a pay transparency communication strategy in place, and just 51% have conducted an independent pay equity analysis. These findings underscore a critical gap in readiness for pay transparency, with only 18% of companies feeling adequately prepared to meet upcoming regulations. The study emphasizes the importance of developing effective communication strategies around pay transparency, understanding how to convey pay ranges during recruitment, and implementing robust job evaluation methodologies. As more than half of the U.S. population resides in areas with some form of pay transparency regulation, the pressure is mounting for employers to enhance their total rewards strategies and ensure compliance.