Global regulatory requirements force North American companies to comply with wage transparency, WTW survey finds Page 1

Increased transparency raises expectations of more employee questions and salary negotiations

NEW YORK, Sept. 18, 2024 (GLOBE NEWSWIRE) — Most North American organizations are communicating payroll program information to their employees, according to a survey from leading global advisory, broking and solutions company WTW (NASDAQ: WTW). The 2024 Pay Transparency Survey found that several factors, including increasing regulatory requirements around the world such as the EU Pay Transparency Directive, are encouraging North American organizations to establish pay transparency strategies. These strategies include assessing their job and salary structures, evaluating their pay policies and practices, conducting pay gap and pay equity analyses, and preparing for increased pay communication and education among all stakeholders.

The survey found that communicating job grade (74%), variable pay opportunities (58%) and how individual base pay is determined (65%) is already common practice in the region, with at least 55% of respondents doing so or planning to do so. Sharing employees’ individual pay grades and how pay grades are determined is also likely to become more common as pay transparency legislation continues to spread across the U.S., Canada and Europe.