According to the U.S. Department of Labor, pay equity ensures that everyone in similar positions is fairly compensated for their work. Not only does pay equity ensure that everyone’s hard work is being compensated fairly, but research shows it can also lead to higher job satisfaction among employees, team morale, and retention rates. 

It is clear that employers must address pay inequity to protect both their employees and their own bottom lines. To do this, employers should regularly audit their salary structure using reliable tools such as pay gap analysis software or statistical modeling techniques that compare employee compensation across genders, races, or other criteria to ensure all workers are treated equally and compensated fairly for their work.