Mastercard published its pay equity results, finding that they have achieved parity on a role-to-role basis. They still have to close a persistent 7.8% global pay gap for employees. They join other major financial services companies in committing to equal pay policies.
Yet even as a clear business case grows for pay transparency as a form of best practice, there is still concern from some companies about publishing data and risking exposure. “This is about having an honest and transparent accounting,” Lamb went on to say, during the call. “Nobody is perfect, and numbers can be unflattering. But that’s not reason to keep them private,” she said.
And it’s not all bad news. Sometimes the process of working internally towards pay transparency can create positive unintended outcomes. Cairns mentioned that one surprising discovery from working on pay equity was that senior leadership learned about amazing things happening across the company. Previously, these internal innovations were unknown because they were happening in silos. Breaking down those silos created enormous benefit for everyone.
When asked what advice Cairns might have for other executives who are looking to drive change, Cairns mentioned that the process requires a long term commitment to the process. “The decision to release our pay equity figures has been an ongoing, years-long decision. It wasn’t something that happened overnight,” she said. Cairns also mentioned that there needs to be steady investment from senior leaders across an organization at every step of the process.
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