Quick on the heels of our update on non-competes, another legislation reflection—promise we'll bring up something a bit less dry soon! The EU Pay Transparency Directive, adopted in 2023 with full implementation by 2026, is making bold moves to tackle the gender pay gap. Companies with at least 100 employees will need to increase transparency by disclosing pay ranges in job ads and giving employees insights into their pay levels. Moreover, any company with a gender pay gap over 5% will have to report it and devise plans to mitigate this issue, underpinned by strict enforcement measures. This directive aligns with wider Diversity, Equity, and Inclusion (DE&I) and Environmental, Social, and Governance (ESG) initiatives, aiming to improve career transparency, enhance employee retention, and build trust through clear pay practices. Considering its comprehensive approach, it's realistic to expect that this directive could spur similar changes in other regions soon, potentially leading a global shift towards more pay transparency.
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In the world of equity or DEI (diversity equity inclusion), pay transparency is a known tool that works to open up talent pools and create pay equity. Several states in the U.S. and countries around the world have worked to create pay transparency laws. In Canada, we now have the province of B.C. that has implemented pay transparency laws. I wanted to reshare this from a DEI perspective as this is an initiative and a practice that will only accelerate across the globe. In Canada, many provinces have been attempting to implement pay transparency laws for years and have been successful at different points (including Ontario and PEI). My experience indicates that we will definitely be seeing more of this in the future but legislation is slow and can be inconsistent. This is why in DEI we work to establish best practices ahead of legislation. We want to experience the benefits, not just comply with the base minimums. Postings that list salaries simply receive more applicants, a wider diversity of applicants (including women and recent immigrants) and finally more qualified applicants. Pay transparency laws and frameworks, have also been proven to reduce inequities and increase engagement thereby reducing turnover. In today's talent-led market, where we are looking to widen talent pools and be a true partner for talent, this is an important tool for us to use! Here are two articles that speak to the topic. One from CBC https://bit.ly/3tW9MLf and one from Forbes https://bit.ly/3QrPa54 #paytransparency #expandingTalentPools #payequity #diversityequityinclusion Lean In Canada Randstad Canada
What's behind the push for pay transparency? | CBC News
cbc.ca
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Championing Inclusive Excellence | Transformative Learning Catalyst | Visionary Leader in Mining and Metals
📣 Important Update on Pay Transparency in BC! Hello everyone, I recently came across an enlightening article about the new Pay Transparency Act in British Columbia, and I believe it’s a significant step toward creating a more equitable workplace. 🔹 What’s New? Starting from May 11, 2023, employers can no longer ask about your previous salaries during the hiring process. Plus, employees are free to discuss their pay openly. The act will be implemented in phases, targeting larger organizations first and eventually extending to smaller ones. 🔹 Why It Matters? Transparency is key to eliminating gender pay gaps and fostering an inclusive work environment. This act empowers employees and holds companies accountable. 🔹 Questions to Ponder • How will this affect salary negotiations? • What challenges might smaller organizations face? • How will annual pay transparency reports impact a company’s public image? I encourage everyone to read the article and consider its implications. Let’s work together to make pay transparency a norm, not an exception. 🔗 Read the Full Article Here [https://bit.ly/40fKX94] #PayTransparency #GenderEquality #WorkplaceEquity #BCRegulations