The National Committee on Pay Equity (NCPE) designated Tuesday, March 14, as this year’s Equal Pay Day. According to the NCPE, “This date symbolizes how far into the year women must work to earn what men earned in the previous calendar year.” The date is set on at Tuesday to also represent how far into the workweek women must work to earn what men earned in the previous week.

Earlier this month, the Pew Research Center reported, “The gender gap in pay has remained relatively stable in the United States over the past 20 years or so.” Over the past 20 years, median hourly earnings of full- and part-time workers for women increased from 80% in 2002 to 82% in 2022.

Ensuring equitable pay can help employers prevent or defend against discrimination lawsuits, but compliance with the law isn’t the only reason employers should pay attention. Equitable pay practices can help with recruitment and retention as well. Employers that are known to pay employees fairly can attract more qualified applicants. Additionally, employees who feel they are paid fairly may be more engaged, which can lead to higher productivity and longer retention.

For more information, HEC members may contact their HR Consultant or our Compensation & Surveys team to discuss pay equity practices.