LOS ANGELES, April 10, 2024 /PRNewswire/ — Navigating the requirements for global pay data reporting is complex, especially for companies operating in multiple countries or jurisdictions. With Trusaic’s new Global Pay Data Reporting solutions, you can easily manage continually evolving requirements. Trusaic’s new suite of products includes the EU Pay Transparency Directive Preparedness Assessment, Illinois Compliance Statement Equal Pay Diagnostic and California Pay Data Reporting, among other jurisdictional assessments.
Fair pay is a growing concern around the world, and many countries now require organizations to report on their employee pay data. On March 30, 2023, the European Union approved new pay transparency directives for its EU member states to close the gender pay gap across the EU. Several U.S. states, including Illinois and California, also have their own pay data reporting requirements. Consequences for non-compliance vary by location, but can include fines, reputational damage, and legal action.
Trusaic’s new Global Pay Data Reporting solutions feature robust analytics that give all organizations greater insight and visibility into their employee pay data. In addition, users of popular HCM platforms from Workday, UKG and SAP can benefit from seamless, partner-certified integrations.
EU Transparency Directive Preparedness Assessment
Trusaic’s proactive EU Transparency Directive Preparedness Assessment can identify potential pay discrimination, differences in overtime participation, and discrepancies in job category representations to make companies aware of potential pay equity issues before they file global pay data reports. The assessment includes a comprehensive analysis by year, protected class, location, and job category, including:
- Comprehensive pay gap analysis.
- Pay gap significance test.
- Wage distribution analysis.
- Highest gender/race/ethnicity wage combinations.
- Overall financial exposure.
Trusaic experts also provide an interpretation of the results, guidance for including remarks in submissions, and remediation strategy recommendations.
Illinois Compliance Statement Equal Pay Diagnostic
Like most of the U.S., Illinois has a persistent gender pay gap. When Illinois amended its 2003 Equal Pay Act, it created major changes to pay equity compliance in order for private employers with more than 100 employees to receive an Illinois Equal Pay Registration Certificate (EPRC).
Trusaic’s Illinois Compliance Statement Equal Pay Diagnostic helps Illinois companies ensure compliance and obtain equal pay certification through:
- Comprehensive pay gap analysis at the intersection of factors such as gender, race/ethnicity, age, disability, and more.
- Pay gap significance test.
- Wage distribution analysis.
- Equal pay risk assessment.
- Employee pay and demographic report preparation.
- Employee list and wage filing.
- Root cause identification and remedy.
- Custom remediation strategies. Illinois companies must certify corrective action is taken to address pay disparities as part of Equal Pay Certification requirements.
- Equal pay compliance statement.
- Equal pay certification application preparation.
- Public facing demographic report.
- Continuous pay gap monitoring to enable 3-year EPRC recertification.
California Pay Data Reporting
The California Pay Transparency Act requires private employers of 100 or more employees and/or 100 or more workers hired through labor contractors to annually report pay, demographic, and other workforce data. This year, the state also required new data points for employees working onsite, remotely in California, and remotely outside of California.
Trusaic’s California Pay Data Reporting includes:
- Comprehensive pay gap analysis.
- Pay gap significance test.
- Wage distribution analysis.
- Equal pay risk assessment.
- Pay data report preparation.
- Equal pay certification.
“Complex reporting regulations and deadlines make it challenging for organizations to ensure compliance across different jurisdictions,” says Robert Sheen, CEO, Trusaic. “Trusaic’s Global Pay Data Reporting suite features a simple, one-click solution powered by our advanced analytics that enables users to feel confident in their reporting.”
Pay data reporting requirements are expanding around the world with 54 global jurisdictions already having adopted or in the process of implementing some form of pay data reporting requirement. Trusaic created the Pay Equity Definitive Guide to help organizations manage and track the evolving requirements.
About Trusaic
At Trusaic, we’re on a mission to empower organizations to create a more equitable working world for all. We champion human potential through our industry leading technology platform and first-to-market partnerships and integrations, enabling organizations to achieve pay equity, foster a more diverse and inclusive workforce, hire economically disadvantaged individuals and ensure employee access to affordable healthcare.
SOURCE Trusaic
