Page 19 - Appreciating Organization's Biggest Assets

is its most crucial component. how and why they are valued if
According to a 2019 Global Talent the pay is transparent and the
Trends report from LinkedIn, 53% compensation plan is disclosed.
of professionals worldwide concur Many governments are now
that pay transparency is crucial to requiring promising new pay
the future of hiring and HR. transparency tools like employer
Despite significant societal changes pay gap reporting, equal pay audits,
over the years and numerous labor and gender-neutral job classification
market, educational, and public systems to address this ongoing
policy measures aimed at closing issue. The case study focuses on the
the gender wage gap, women still various pay transparency tools and
earn less than men. In addition their implementation to close the
to pursuing equity and fairness, gender wage gap in India.
closing the gender wage gap is Objectives
crucial because women make up
a sizable share of the workforce. • To study the various pay
Women not only contribute to transparency tools.
profits but also have high levels • To study the implementation of
of education. According to 2016 pay transparency tools to bridge the
research by the Peterson Institute gender wage gap in India.
for International Economics,
organizations that went from Review of literature
having zero women in leadership In the discussion paper titled ‘Does
to having 30% representation saw a pay transparency affect gender wage
15% improvement in profitability. gap?’ by Andreas Gulyas, Sebastian
In the S&P 500, women hold Seitz, and Sourav Sinha (2021), the
only 5% of CEO positions and authors mention that the absence
only 21% of board positions. The of pay transparency keeps the
implementation of pay transparency gender pay gap alive. In contrast,
has other advantages. Data will transparency enables women to
rule the future. Future workers challenge unfair pay structures.
will demand more from their According to them, critics are
companies regarding fairness and concerned about administrative
inclusiveness. A fair and data-driven costs and the possibility that males
compensation strategy that will may exploit the data made available
benefit the company beyond equity by transparency more actively than
and, legal compliance must include women, expanding the gender
pay transparency. Employees know wage difference. However, these

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