Conducting a salary audit typically involves several steps:
Data Collection: Gathering comprehensive data on employee salaries, job titles, job descriptions, and performance metrics. Benchmarking: Comparing internal salary data with external market data to understand industry standards and trends. Analysis: Analyzing the data to identify pay disparities based on factors like gender, race, tenure, and performance. Reporting: Documenting findings in a report that highlights discrepancies and offers recommendations for adjustments. Implementation: Making necessary adjustments to salary structures and policies based on audit findings. Monitoring: Establishing ongoing monitoring procedures to ensure continued compliance and fairness.