Use Case: Pay Equity Reporting
2021-12-20
Issue
Client wanted to communicate the complete picture of total reward to employees real-time and always be available. Client required a tool to address the ever-increasing pay equity reporting requirements across the globe. They have been using expensive consultants to produce the reports because the data in the company was so dispersed across multiple systems. It was one at a time project work. The client wanted to do more than the limited requirements and be proactive with their analysis and changes to their reward system.
Barrier
Reward data is so widely scattered across many different global and local systems that administer pay, pensions, benefits, shares, bonus. This creates significant volume of work preparing and analyzing the data to produce an array of reports and insights, all over the world. These reports vary according to local regulations, definitions (there is no global definition of ethnicity for instance) and culture. The potential for errors creates regulatory and reputational liabilities, and even more importantly, delivers poor quality data to the organization that undermines effort to maximize returns on human capital that are dependent on fair and equal pay. With significant work, the Client could only focus on required reporting and not proactive analysis.
Solution
uFR automatically extracts all reward data for all employee and consolidates it to produce an always-on annualized view of total reward, updated daily, with comprehensive descriptions and links to external information where necessary. Instead of manually-developed reports based on estimated data produced by highly-paid reward experts, UFR produces reports that are based on validated, total reward data that is consolidated in real time. Digital access to consistently indexed data enables any report or insights to be repeated without the need for re-gathering or normalizing data.
Benefits
The Client saw higher employee engagement and satisfaction – because the system was accurate, contained all forms of reward The Client was able to more than pay for the system based upon the cost reductions with the elimination of using consultants on an annual basis. There was increased confidence in the reports since the reward data done on a consistent basis. An additional benefit was the ability to unlock optimization of human capital by exposing and eliminating pay bias (greater motivation of underpaid people, attracting people who might otherwise fear pay bias, cost savings on pay for people who are overpaid due to a non-business factor. Now, the client can fulfill DE&I goals and can proactively and quickly perform analysis across all of the countries and not only those countries with reporting requirements.
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