1. Legal Compliance: Many countries have laws that mandate equal pay for equal work, and pay audits help businesses comply with these regulations. 2. Employee Morale: Fair compensation practices promote a positive work environment and can boost employee morale and retention. 3. Reputation Management: Companies known for equitable pay practices are more likely to attract top talent and maintain a good public image. 4. Risk Management: Identifying and addressing pay disparities can help avoid potential lawsuits and financial penalties.