Syndio Establishes Pay Equity Standards for Global Corporations Based on Validated Methodology
Slack, NerdWallet, Match Group, Medallia and Forsman & Bodenfors Pledge Commitment to Ongoing Pay Analyses as Business Evolves
Syndio consulted with the National Women's Law Center to Ensure Validity of Standards
29 Apr, 2019, 08:30 ET
NEW YORK, April 29, 2019 /PRNewswire/ -- Syndio, a leading HR analytics platform with a mission to eradicate pay disparities, today unveiled its proprietary list of pay equity standards, which has been adopted by leading global corporations. The companies that have committed to Syndio's standards include Slack, the collaboration hub that brings the right people, information and tools together to get work done; NerdWallet, the go-to resource for all of life's personal finance decisions; Match Group, a leading provider of dating products; Medallia, the leading experience management solution; and Forsman & Bodenfors New York, a world-renowned global creative agency.
During the development stages of this list, Syndio consulted with the National Women's Law Center (NWLC), a U.S. non-profit organization that advocates for women's rights through litigation and policy initiatives.
"In recent years, pay equity has been thrust to the forefront of discussion in the global workforce," said Maria Colacurcio, CEO, Syndio. "But even after the many pledges and public announcements, pay disparities due to gender or race remain commonplace. In some industries, the gap is worsening. Syndio has developed a list of standards that, if adopted by companies globally, will help resolve the pay gap once and for all. Absent of committing to ongoing analyses grounded in proven methodologies, companies are not truly committing to equal pay for their employees. Companies have a responsibility to perform analyses with consistency, transparency and accountability."
Syndio's list of pay equity standards includes:
- Recognize the obligation and commit to ongoing pay analyses.
- Companies have a responsibility to ensure fair pay for their employees.
- Commit to a cadence of ongoing analyses that are appropriate based on the size of the employer.
- Evaluate starting pay to ensure pay equity from day one.
- Identify underlying policies, practices and behaviors that need to be changed to ensure pay equity.
- Use valid methodology to analyze pay the right way.
- Set appropriate groups: no gerrymandering. Identify any population that's excluded from the analysis or populations that are not analyzed due to small group size or very few / no gender or race comparators.
- Use statistically significant tests.
- Identify as many elements of compensation as possible (bonuses, stock options, etc.), including total annual pay.
- Identify aggregated median earnings.
- Hold yourself accountable and ensure transparency.
- Set an aspirational goal of 100 percent pay equity and measure against that goal.
- Resolve unexplained pay disparities.
- Consider sharing a topline summary of results internally with leadership, the Board of Directors and / or employees.
"It is critical that employers don't just 'talk the talk' about equal pay – they need to also 'walk the walk,'" added Fatima Graves, president and CEO, NWLC. "This pledge provides an important step forward in laying out specific commitments regarding employer pay equity practices. We need this greater rigor if we are to close the wage gap."
"Our mission at NerdWallet is to provide clarity for all of life's financial decisions," said Florence Thinh Chialtas, vice president of people operations, NerdWallet. "Similar to wanting our users to feel confident about the decisions that they are making, we want our employees to feel confident that we approach compensation in a fair and equitable way. Pay equality is critically important, and we've been eager to join this commitment to equal pay standards with Syndio and the NWLC."
"Joining this commitment with Syndio reinforces that equal pay for equal work is the tip of the spear in terms of employee engagement," concluded Mandy Ginsberg, CEO, Match Group. "For employees to feel valued and appreciated, they must first be compensated fairly. At Match Group, our employees are our greatest asset, and we are committed to performing a consistent cadence of pay analyses to ensure equal pay for equal work. We've partnered with Syndio to ensure that we are using valid methodologies and have the ability to conduct analyses consistently as our business evolves."
Syndio is leading the way in fair pay as the world's best HR analytics platform to offer global organizations a way to analyze pay issues based on race and gender; resolve those issues; and monitor compliance over time. Syndio offers a suite of innovative tools and services to help companies pay fairly, including a staffing feature that calculates a safe range for new hires to maintain overall equity. Syndio is a distributed company with headquarters in New York and Seattle.
Caitlin Kasunich / Raquel Cona
KCSA Strategic Communications
212.896.1241 / 212.896.1204
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SOURCE Syndio Solutions
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