Description

Starting September 3, 2024, federally regulated employers must submit an annual declaration about their pay equity plan’s development and posting. Federally regulated employers with 10 or more employees had 3 years to develop their pay equity plans. This time frame is now coming to an end. They must also review and update their plans every five years to identify and close potential wage gaps. In January 2024, the administration committed to advancing pay equity for federal workers. The Office of Personnel Management (OPM) published a rule that prevents more than 80 federal agencies from considering an applicant’s current or past pay when determining their salary.

Following the posting of the final version of their pay equity plan, employers will be required to implement any necessary compensation increases. These increases must be paid in full the day following the third anniversary of becoming subject to the Act (that is, Sept. 4, 2024, for most employers) at the latest, unless an employer is permitted to phase in the increases. Employers must establish a pay equity plan to identify and correct gender-based wage gaps for employees in predominantly female job classes.

What you will Learn:

• What is the goal for pay equity for 2024?
• What the Equal Employment Opportunity Commission (EEOC) requirements are and what the pros and cons are to establish pay equity policies
• How the Federal Pay Equity Act is impacting federal workers and the deadline of September 3, 2024 to be in compliance
• What types of pay transparency requirements will be mandated
• How states have handled pay equity and how the pay equity policies supersede federal policies
• What states have implemented their own pay equity policies
• How the Salary History Ban when hiring is a huge step when it comes to pay disparity
• What Employers need to do to become compliant with the Pay Equity requirements
• What the Gender Pay Equity is and how it impacts women, minority and other individuals
• How the EEO-1 Pay Data Reporting is still impacting Employers
• How conducting an internal pay equity audit will let you know where you stand when it comes to pay disparity
• What best practices can be initiated to ensure employees that you take pay equity seriously

Why you should Attend:

In 2024, the mean ethnicity pay gap was 15%, up from 13.9% in 2022, while the median pay gap was 10%, down from 10.4% in 2022. However, women of most races and ethnicities are still paid less than White men, with the exception of Asian women. For example, in 2022, Black women earned 66 cents for every dollar earned by White men, and at current rates, it could take over 200 years for Black women to reach pay equity.

Who should Attend:

• Business Owners
• Company Leadership
• CEO
• HR Professionals
• Compliance professionals
• Compensation specialist
• Payroll Administrators
• Professionals interested in learning more about pay equity