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.
Pricing
|
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
|
|