In today’s evolving landscape, addressing gender pay gaps has become a paramount concern.
With growing emphasis on transparency and legislative mandates, organisations are seeking effective tools to not only identify these disparities but also to pave the way towards closing the gap.
The imperative is clear. Under new legislation, Australian businesses with 100 or more employees will have their gender pay gaps published from early 2024. In New Zealand, similar legislation has been proposed for organisations with 250+ employees. So how can HR professionals be prepared for greater pay transparency?
Enter ELMO Remuneration – a transformative solution that’s not just illuminating the gender pay gap, but also guiding businesses towards impactful opportunities for improvement.
Stay one step ahead with the right technology
In the midst of an environment where equality is at the forefront, ELMO Remuneration is designed to not only provide comprehensive reports on your organisation’s gender pay gap but also to offer insights that help narrow the gap in meaningful ways.
Stacey Hill, Lead Product Manager at ELMO Software, explains how the product is evolving to help users with these new challenges.
“With an increased focus on gender pay gaps and transparency of this data becoming more prevalent – and in Australia’s case legislated – we’ve improved the reporting functionality of our Remuneration product,” she says.
“The new reporting functionality will show users their current gender gap in terms of both base salary and total remuneration, as well as any disparity in incentives and benefits.
“The report will also identify 10-15 groups that have the biggest gaps, giving users insight into how they can make the most impact to reduce their overall gender pay gap.”
Baking equality into the heart of ELMO Remuneration
The first step to tackling a gender pay gap is understanding it. ELMO Remuneration offers greater visibility of your salary and benefits data, helping managers and admins to make informed decisions.
Only with the right data can HR leaders design a strategic action plan to close their gaps – and importantly, keep them closed.
So what can users expect?
The remuneration report provides a detailed overview of the gender pay gap across base salary and total remuneration components. This level of granularity offers a clear understanding of where disparities might be most prominent.
- Detailed analysis: Incentives and benefits are often areas where gender pay gaps persist. The report delves into these aspects, allowing organisations to pinpoint disparities and design targeted interventions.
- Top discrepancy groups: The report goes beyond data to present actionable insights. By showcasing the top 10 to 15 groups with the most substantial gender pay gaps, organisations gain the knowledge needed to effect meaningful change.
- Gender-agnostic suggestions: Bias – whether conscious or unconscious – can impact remuneration decisions in a negative way when left up to individuals. That’s where ELMO Remuneration comes in, featuring rules-based controls help to embed an organisation’s remuneration policy into the review process.
The most-loved features of ELMO Remuneration
Approval and moderation controls: Empower managers and employees with approval and moderation controls, ensuring that remuneration decisions are fair, consistent, and aligned with organisational goals.
Budget impact reporting: Real-time budget impact reporting is a game-changer. Organisations can analyse the financial ramifications of remuneration decisions, ensuring fiscal responsibility while striving for pay equality.
Driving transparency and fairness with remuneration initiatives: One of the core strengths of ELMO Remuneration is its ability to bring remuneration policies to life through rules-based controls. By embedding rules that eliminate biases and align with key initiatives, the tool fosters transparency and fairness in the remuneration process.
Streamlining complexity, enhancing management: Navigating complex remuneration structures can be daunting, but ELMO Remuneration simplifies the process. Whether it’s handling discretionary bonuses or intricate short-term and long-term incentive plans, the tool seamlessly manages it all. Furthermore, it identifies bottlenecks, streamlining the process for smoother operations.
Empowering informed decision-making: Managers play a pivotal role in bridging the gender pay gap, and the Rem tool equips them for success. By providing them with tools for more informed and consistent decision-making, organisations create a culture of fairness that’s essential for narrowing the gap.
Ensuring accurate reporting for actionable insights: In the quest for gender pay equality, accurate reporting is paramount. ELMO Remuneration ensures that your reporting is not only precise but also tailored for actionable insights. With trustworthy data at your fingertips, you can better understand your remuneration landscape and drive effective change.
Technology’s role in paving a future of equity and progress
In a world that’s advancing towards gender parity, technology can be a catalyst for meaningful change. By shedding light on gender pay gaps, offering actionable insights, and empowering organisations to make informed decisions, technology becomes an instrumental force in driving us towards an equitable future.
Visit the ELMO Remuneration product page to find out more about how ELMO Software can help you.