Fun Socks | Is Your Organization Ready for Pay Transparency?
Early in my career I hired someone who came to us from local government where compensation information was publicly available. Right after she started, a coworker asked about her compensation, which she shared. Since she was paid more than her longer tenured peer, it created quite the fuss.
At that point, sharing compensation at work was taboo. Now, there’s a push to open those conversations so employees can assure compensation equity.
Since 2020, nine states, including Maryland, Colorado, Nevada, Connecticut, California, Rhode Island, Washington, Illinois, and New York have passed pay transparency laws. An additional 15 states, including Michigan, have pay transparency laws pending.
What does this mean for Michigan based employers?
If you don’t have a defined compensation system with grades and ranges and well-organized data, now is the time to develop one. Whether you intend to share compensation information or not, you will want to ensure that you are compensating employees equally for similar work.
Whether or not the State of Michigan enacts the transparency laws that were introduced this spring, having your compensation house in order is good business.
Not certain how to improve your compensation system? We can help!
Kevin Brozovich
SPHR | CHIEF PEOPLE ADVISOR
Meet Kevin Brozovich, energetic entrepreneur, people-focused team-builder and HR practitioner-turned consultant. For almost 10 years, Kevin was Founder and Chief People Officer of HRM Innovations, a Kalamazoo-based Human Resources consulting firm many would consider the top in the region. After pulling his hair out making daily decisions about running the business (does it matter where the coffee comes from?), Kevin joined forces with the Rose Street Advisors team so he could solely focus on what he loves most: working with clients.
Interested in more?
None of the testimonials and video presentations, relate to the provision of investment advisory services.
Securities and Investment Advisory Services Offered Through M Holdings Securities, Inc. A Registered Broker/Dealer and Investment Advisor, Member FINRA/SIPC. Rose Street Advisors is independently owned and operated. Rose Street Advisors is a member of M Financial Group. Please go to mfin.com/DisclosureStatement.htm for further details regarding this relationship.
Check the background of this firm and/or investment professional on FINRA’s BrokerCheck
For important information related to M Securities, refer to the M Securities’ Client Relationship Summary (Form CRS) by navigating to mfin.com/m-securities.
Registered Representatives are registered to conduct securities business and licensed to conduct insurance business in limited states. Response to, or contact with, residents of other states will only be made upon compliance with applicable licensing and registration requirements. The information in this website is for U.S. residents only and does not constitute an offer to sell, or a solicitation of an offer to purchase brokerage services to persons outside of the United States.
This site is for information purposes and should not be construed as legal or tax advice and is not intended to replace the advice of a qualified attorney, financial or tax advisor or plan provider.
#5757992.1