WASHINGTON, Jan. 16, 2020 /PRNewswire/ -- The Institute for Workplace Equality (The Institute), a nonprofit organization that works with employers on workplace diversity and equal pay, has created a new tool to address America's Corporate Pay Gap. The tool, called the Pay Equity Index (PEI), evaluates an organization's pay equity practices beyond a traditional pay equity study or wage gap analysis. The PEI incorporates data and analytics from an affirmative action availability analysis, diversity and inclusion metrics, pay equity study, and wage gap analysis and condenses it all into a clear and comprehensive analysis and report.
The PEI evaluates multiple employment practices that contribute to overall pay equity by using best practices in social science and statistical methodology. The PEI will examine wage gap, starting pay, performance measures, talent distribution in the workplace, advancement opportunities, company policies, and retention. Employers will receive a score for the overall effectiveness of their personnel processes as well as benchmark score representing the effectiveness of their processes compared to their industry. The Institute will also deliver a report highlighting areas that need attention and provide recommendations.
"The PEI is a powerful and distinct index that provides a holistic view of an organization's pay practices," The Institute's Director Barbara Kelly said. "It lays a foundation to enhance pay practices and diversity initiatives within your company."
About The Institute for Workplace Equality The Institute for Workplace Equality is a national nonprofit employer association based in Washington, D.C. The Institute trains and educates federal contractors in understanding and complying with their affirmative action and equal employment opportunity obligations. Our programs also address management strategies to assist employers in creating and maintaining diverse organizations free from workplace bias.