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Recommendations on Closing Pay Gaps
After you’ve measured your pay gap, your next step is to take steps to close it. But how you do so depends on your needs and velocity. PayAnalytics’ solution makes tailored recommendations for closing your pay gaps, mapped right to your budget.
Get Tailored Raise Suggestions
Based on the results of your regression analysis in the measure phase of your journey, PayAnalytics makes specific, employee-level recommendations for decreasing or closing your pay gaps. But it doesn’t make general recommendations; rather, its suggestions are tailored to your specific compensation make-up and needs.
Things to Consider
When you are ready to start closing pay gaps, you could ask yourself these questions:
- Will you close your pay gap in increments or all at once?
- What is your budget and what is the highest raise you can offer?
- Should certain employees not receive raises?
- Do you want to aim for fairness or cost-effectiveness when allocating?
- Do you want to close the organization-wide pay gaps, or do you want to close pay gaps group-by-group?
- Do you want to close all pay gaps, or only focus on certain demographic groups?
- Do you want to address individual outliers in your pay structures?
Understanding the Impact of Salary Increases
PayAnalytics’ insights and rich visualizations make it easy to understand the impact of each raise. You can easily modify your criteria to yield new recommendations and immediately see the results.
What Does it Cost to Close the Pay Gap?
PayAnalytics makes the costs of closing pay gaps crystal clear. In addition to suggesting raises that match your budget, PayAnalytics gives you a breakdown of the costs of fully closing your pay gaps, as well as how far you can get while staying on-budget.
Cost to Close the Pay Gap: Reliable Predictions
PayAnalytics’ reliable cost predictions for shrinking or closing your pay gap will help decision-making throughout your organisation, which helps HR managers to plan and allocate budget a head of time, too.
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