Roughly two-thirds of Fortune 100 companies are already collecting pay data
WASHINGTON, D.C. – June 7, 2023 – New research by the National Partnership for Women & Families highlights the importance of pay data collection for identifying pay inequities, closing the wage gap and identifying other issues in corporate culture. Women currently make 77 cents for every dollar men make. Released in advance of the 60th anniversary of the Equal Pay Act, the new brief examines Fortune 100 Companies that report their pay data, in detail, according to the laws in the U.K. – making the case for the federal government and individual companies to adopt more comprehensive reporting standards in the U.S. to ensure pay equity.
The brief finds that roughly two-thirds of Fortune 100 companies are already reporting wage gap data to the U.K. The companies have more than 10 million employees in the U.S. and all over the world, with nearly $1 trillion in profits and roughly $7 trillion in revenues. They include Amazon, FedEx and Apple, just to name a few.
“Pay transparency is an important strategy towards providing more visibility into pay practices and pay disparities. Several leading U.S. companies publicly report pay gap data, or participate in other pay transparency measures, in other countries, helping workers gain a better understanding of who gets paid what at different levels,” said Jocelyn Frye, president of the National Partnership for Women & Families. “Lawmakers should take notice that greater transparency and reporting of pay data can help strengthen workplace practices, and can incentivize more intentional efforts to combat pay disparities and pay discrimination.”
“For years, we have measured the wage gap based on overall race and gender measures, but it’s not enough,” says Dr. Katherine Gallagher Robbins, senior fellow at the National Partnership and one of the authors of the research. “We need detailed data to examine pay inequities and both policymakers and companies have a role to play in improving data quality and disaggregating data to include groups not traditionally included.”
“Research shows this kind of investment does not have a negative financial impact on businesses. It’s the right thing to do for equity, sustainability and overall business success,” says co-author Jesse Matton, director of corporate social impact policies at the National Partnership. “This new analysis instead sheds light on problems that we can overcome.”
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