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Equal Pay Day: Are you in Compliance?

Posted on: April 18, 2016 by elite

The idea of equal pay day has been around for two decades to spread the word about the pay inequality issue between men and women. On average, women earn 79 cents for every dollar men earn. While it’s no businesses owner’s intention to mistreat or unfairly pay their workers, it’s important to evaluate your business practices in order to reduce the probability of facing litigation. In addition, it’s just as important to carry the right Miami Employment Practices Liability Insurance to adequately protect your operation.

According to the National Committee on Pay Equity (NCPE), here are some questions you can ask yourself to reevaluate your hiring and employment practices in order to ensure everyone is paid fairly.

  1. Do you look for diverse candidates to fill job openings?
  2. How do you determine salaries and wages? Are you objective in what qualifies a candidate for higher pay and benefits?
  3. Are your wages and benefits at the market average? How do your women employees compare to the industry standard?
  4. Does everyone have the same opportunity for advancement and bonuses?
  5. Is there a set standard for identifying performance for all employees that computes to a set raise amount?

After these questions are answered, Small Business Trends says to put a new job evaluation system in place; consider updating job descriptions for all positions and establishing uniform criteria for assessing and evaluating job duties. Oftentimes, these inequalities are not intentional. However, in the interest of preserving your employees and minimizing claim activity, consider adopting practices to reduce pay inequality.

At iSure Insurance Brokers, we understand the risks any business faces involving workplace equality, which is why we provide quality solutions to protect business owners like you. To learn more, contact our knowledgeable specialists today at (305) 223-2544.

Posted in: Blog Employment Practices