Fostering Pay Equity and Transparency with Workday and Deloitte
In today’s corporate environment, achieving pay equity stands as a paramount objective for organizations worldwide. Highlighting this urgency, the EU Pay Equity Directive mandates companies with more than 250 employees to report annually on the gender pay gap and take corrective measures on this matter; however, for smaller organizations with more than 100 employees, the reporting obligation will only take place every three years. This marks the initial step of a global transformation, in which numerous smaller companies will follow as they move towards adopting a similar approach in the future. To adeptly navigate these regulations, Deloitte and Workday have joined forces to create a powerful solution: Pay Equity Insights. This tool empowers companies to gain a comprehensive understanding of and address pay disparities with precision.
Empowering Companies for Pay Equity Success: Pay Equity Insights
At the heart of this solution lies the combination of Workday's HCM platform, also known as the HR Master Data tool, and Deloitte's Pay Equity Platform (PEP), creating a robust toolkit to tackle pay inequities. Workday's HCM platform acts as a centralized hub for all employee data, streamlining the identification of pay gap root causes, understanding their financial implications, and seamlessly incorporating these insights into reporting procedures. This integrated system not only simplifies the analysis of existing pay disparities but also boosts efficiency by providing a holistic overview of all relevant data in one accessible location. In addition, Deloitte's user-friendly and readily available PEP conducts thorough pay gap regression analyses tailored to each country's legal framework, enabling an in-depth analysis and budgetary impact assessment. Moreover, the platform allows data access restriction per role (and country), has a best-in-class security and is GDPR compliant. Together, this integrated solution presents a comprehensive strategy for achieving pay equity.
Thanks to the successful partnership between Deloitte and Workday, organizations are now offered a straightforward approach to tackle pay disparities. Harnessing Deloitte's expertise in various areas such as rewards, legal compliance, and HR management, alongside Workday's HCM platform, they provide tailored guidance for addressing pay equity issues, reporting gaps, and ensuring transparency. The solution is also in alignment with EU regulations on equal pay. Pooling this together, the tool empowers companies to transparently address pay gaps, foster inclusivity, and navigate pay equity regulations with confidence. Hence, by leveraging this partnership, organizations can not only meet regulatory requirements but also implement meaningful changes to promote fair pay practices in their organization.
Deloitte and Workday: Trusted Partners in Pay Equity
Addressing pay fairness requires a systematic approach. Deloitte's expertise and Workday's tools simplify this process. By pooling their expertise, they were able to build Pay Equity Insights, which allows organizations to analyze pay issues comprehensively, assess financial implications, and report findings securely. They are committed to supporting clients with their end-to-end journey towards pay equity, pay gap reporting and pay transparency in full compliance with the European Commission’s regulations on equal pay – which companies will need to commit to. However, Deloitte and Workday remain dedicated to advancing pay equity initiatives beyond regulatory compliance. Through ongoing collaboration, they aim to develop innovative solutions that promote equality and inclusivity in the workplace.
