Compensation Equity Statistical Analysis

Over the past several years, state legislators have begun to significantly expand what is expected under their state “Equal Pay Acts”. The state laws in California, New York, and New Jersey, for example, have been refined with a similar approach. We are seeing trends across states and municipalities. The laws require equal pay for individuals performing “substantially similar work”. This is in contrast to the Federal Equal Pay Act, which compares individuals performing “equal” work. The change in terminology is very significant.

The new laws define substantially similar work using a variety of standards, but generally reference positions which necessitate similar skill, effort, and responsibility. Again, this goes well beyond individuals who may have the same job title.

The OFCCP has also released guidance recently outlining federal enforcement activity. In it’s August 24, 2018 Directive, the agency states how compensation will be analyzed among employees in a “Pay Analysis Grouping”. This approach will also involve a combination of job titles.

In light of these new standards, we provide statistical analyses comparing compensation based upon gender and race for bank employees performing substantially similar work. Based upon that analysis, which many banks ask to be performed annually, we also provide recommendations on steps banks could implement to minimize the implications of these statistical results.

The goal of this effort is to maintain compliance with the federal, state and municipal standards. Additionally, we want to demonstrate good faith efforts to satisfy compliance obligations, in the event that the bank is ever subjected to a challenge in court or by anadministrative agency.


Non-Member Fee Member Fee
0-100 Employees $1,050 $750
101-200 Employees $1,650 $1,250
201-350 Employees $2,750 $2,150
351-700 Employees $4,000 $3,600
701 Employees or more Individually Negotiated Individually Negotiated