Gender Strategies – Pay Equity at Anser Advisory
Challenge
Anser Advisory is made up of 9 different firms that have merged together over the past 3 years. We are now 400 individuals strong. Each of the 9 firms had different pay philosophies, compensation strategies, and operated in different geographic markets, each with their own market-based pay challenges. Our goal was to conduct an internal salary equity analysis to ensure that Anser is paying individuals equitably. An additional challenge was that each firm utilized different job titles which had to be aligned before the internal salary equity analysis could be conducted.
Actions
Anser aligned and consolidated 100+ position titles down to 72. Once the titles were aligned, we were able to compare individuals within each position title. The following information was gathered for each individual, in preparation of the analysis:
- Geographic location
- Years of total experience
- Educational background
- Certifications and licensures
- Tenure with the firm
Outcomes
This information allowed us to compare the individuals in an “apples to apples” manner. Anser Advisory utilized a certified compensation professional to conduct the analysis. The initial analysis showed that out of 400 individuals, 57 may be eligible for a salary adjustment. Of those 57 adjustments, 20 adjustments were for female employees and 22 adjustments were for minority employees (with overlap noted between the 2 categories).
Considering that we had 9 different firms coming together, in various geographies, we are pleased with the initial review. Next steps will be to conduct an external market analysis to see if additional salary adjustments may be needed. Once we have determined all potential adjustments that may be made, the firm will decide on the appropriate approach to making adjustments, and may choose to go with a phased approach. At this time, our preference is to prioritize adjustments for our women and minority employees.
Contact
Marlene Humbert, SVP of HR
Quote
Our business exists as a combination of the individual and diverse backgrounds and talents of each of our employees. One of our founding core values is to foster diversity, equity, and inclusion in our organization. However, when we evaluate how well we are living this value day in and day out, and whether we are an upper quartile performer in DE&I the way that we are in so many other areas of our business, it is clear that we are not.
We have more work to do as an organization to elevate how we foster diversity, equity, and inclusion within our own organization, and also to foster diversity, equity and inclusion in our industry as a whole, and in the communities in which we operate.
I am making the CEO Action Pledge in order to publicly make me and our entire organization accountable to being a leader in achieving DE&I, and to learn from and share with other organizations and CEO’s committed to the same goal.