Conducting a pay audit generally involves several steps:
1. Data Collection: Gather data on employee compensation, including salaries, bonuses, and benefits. This data should be segmented by various demographics such as gender, race, and job role. 2. Data Analysis: Analyze the collected data to identify any pay disparities. This often involves statistical methods to compare compensation within similar job categories. 3. Report Findings: Document the findings, highlighting any areas where disparities exist. 4. Action Plan: Develop and implement an action plan to address identified disparities. This may include adjusting salaries, revising compensation policies, or providing additional training to managers.