A business case for pay equity is a critical first step for ensuring high level support in your organisation. Developing a business case around pay equity will help you determine what you want your organisation to achieve, why you want to achieve it and the steps you will take to get there.
When developing your business case for pay equity, it is important to consider the following questions:
- Who are the key stakeholders involved and impacted?
- What are the impacts on the organisation?
- What are the benefits for both stakeholders and the organisation as a whole?
- What resources are required to develop and implement the project?
- What is the return on investment?
- Is the project aligned to the broader business strategy and your overall gender equality strategy?
- Who is the project sponsor, what are the accountabilities and who will manage the project?
- What is the project scope?
- What is the communication and change management process for the strategy?
- What are the risks and how will you mitigate them?
- your organisation’s corporate and competitive strategy
- your organisation’s overall gender equality strategy and where the business case for pay equity sits within it
- how your organisation differentiates itself in the attraction and retention of talent
- issues that could impact on the strategy, including skill shortages in parts of your organisation or industry
- what success will look like and how you will demonstrate success to your leadership team.
Once you have answered the above questions, it is important to quantify both the financial and non-financial benefits of pay equity and incorporate these metrics into your business case. Benefits could include things such as access to a broader talent pool, or reduced staff turnover. You will also need to craft your communications specifically to the needs and interests of each stakeholder group, ensuring you deliver the benefits to each stakeholder group in terms of what they value.
Further information on developing a business case for pay equity can be found in the Guide to gender pay equity.