New Report: In Wake of Black Lives Matter Protests, 98% of Syndio Companies That Analyze Pay Equity Practices Now Include Race

SEATTLE, Sept. 28, 2021 /PRNewswire/ -- More corporations than ever before are including race in their pay equity analyses after the murder of George Floyd, according to a new report from Syndio, a leading EquityTech analytics platform. Syndio today released its 2021 Pay Equity Trends, a guide to help inform corporations' fair pay analysis as pressure mounts from investors, employees, and legislation to improve pay equity practices. 

Based on survey responses from more than 50 leading companies and patterns observed from customers' pay equity analyses, Syndio identified five trends among corporations leading in pay equity strategy:

1. Companies are including race in pay equity analysis
2. Companies are analyzing different types of employee compensation
3. eMore companies are budgeting for pay equity adjustments
4. Companies are analyzing pay equity more frequently — and moving towards prevention
5. Companies are driving towards greater transparency

Before the murder of George Floyd in May 2020, only 50 percent of companies analyzed race in their pay equity analysis in Syndio's software. Today, 98 percent analyze both gender and race. Companies are also expanding their analyses to include additional comparator groups — based on demographics like age, sexual orientation, and veteran status. While 18 percent of respondents currently analyze age, 26 percent plan to do so in their next cycle.

Respondents also indicated a broader analysis of compensation types beyond base pay. Of those companies that have equity or stock as part of their compensation plan, 25 percent are reviewing equity or stock in their current analysis, with 44 percent planning to do so in a future analysis. As pay equity analysis becomes standard across organizations, companies are increasing budgets to deal with the issue on a long term basis. In 2021, 61 percent of respondents are budgeting for pay equity, up from just 46 percent the prior year.

Additionally, pay equity leaders are moving towards more proactive approaches to fixing and preventing pay disparities, and more transparency. While 70 percent of companies analyze pay equity once a year or less, nearly 30 percent have started to analyze quarterly or every six months with 65 percent wanting to conduct pay equity analysis more frequently than they currently are.

"This report highlights our core belief that companies who start addressing pay disparities transition to tackling equity across the entire workplace," said Syndio CEO Maria Colacurcio. "As the pressure grows to close the persistent gaps underlined in this report, these companies should be applauded for expanding their analyses and leading the way in showing how to create enduring success by placing equity front and center."  

Syndio CEO Maria Colacurcio will host a webinar and panel discussion on September 29th, 2021 at 9am PT/12pm ET where she will discuss with several outside experts ways companies can prevent, measure, and resolve persistent equity gaps. To register for Syndio's Fairness at Work webinar click here.

Syndio's 2021 Pay Equity Trends report can be downloaded here.

About Syndio
Syndio's mission is to empower employers to eradicate unlawful pay disparities due to gender, race, and ethnicity and make ongoing compensation decisions that are consistent and equitable. Syndio customers drastically reduce legal risk, save millions in ongoing remediation, and create a positive brand reputation, which helps attract and retain top talent at every level of the business. Over time, we help companies close their pay gap. Syndio is proud to partner with brands – including Salesforce, Nordstrom, General Mills, Nerdwallet, Match Group and many more – who are leading the way in equity and setting the standard for workplace fairness.

SOURCE Syndio