New Syndio analysis shows financial firms are
54% more likely to disclose pay equity analyses compared to other
industries
SEATTLE, July 8, 2024
/PRNewswire/ -- Syndio, the world's leading workplace equity
platform, is reporting a significant shift in the financial
services sector's commitment to workplace equity. A new Syndio
analysis highlights that financial services companies are
increasingly stepping into a public and leading role in pay equity,
a move that was unthinkable just a few years ago. While this shift
can be tied to intensifying investor proxies, it's underscored by
the sector's increased transparency in pay equity disclosures and a
robust commitment to addressing pay gaps, positioning the financial
services sector as a leader in workplace equity.
Financial services companies are
increasingly stepping into a leading role in pay equity.
Syndio's research, combined with Arjuna Capital's scorecard,
shows that the financial services sector is at the forefront of pay
equity disclosure. Large financial services companies are 54
percent more likely to disclose the results of their pay equity
analyses compared to other industries (68 percent vs. 44 percent).
Additionally, last year saw the number of large financial services
companies disclosing their unadjusted pay gaps nearly double, a
direct response to growing investor pressure.
"The financial sector is redefining their commitment to pay
transparency and often leading the conversation in surprising
ways," said Maria Colacurcio, CEO
of Syndio. "What we're seeing now is a significant shift where
financial firms are not just responding to investor pressures, but
are proactively embracing transparency and equity. This isn't just
good for compliance; it's a strategic move that boosts employee
engagement and reduces costs related to pay disparities. Other
industries should take note—embracing pay transparency is a win-win
for everyone involved."
This commitment to transparency is further evidenced by recent
actions within the sector. In the past year, five pay equity
proposals were put forward. While two did not pass, three major
firms—Amalgamated Bank, Blackrock, and Visa—proactively negotiated
to disclose their median pay gaps, bypassing the need for a
shareholder vote. These companies join other leaders such as
Mastercard, BNY Mellon, Citigroup, and Amex, who are already
transparent about their median gender and racial pay gaps in the
U.S.
"The journey we've embarked on with Syndio to enhance equity and
transparency at Broadridge is imperative to our business," said
Chris Perry, President at
Broadridge Financial Solutions. "More than that, it's essential
for the world we live in. Equitable and transparent pay practices
aren't just about doing the right thing or complying with policies,
they're about creating a workplace where everyone thrives. It's
good ethics and good business."
Embracing pay transparency is not just a trend — it's a
strategic move towards a more equitable workplace. Explore Syndio's
resources and solutions for achieving transparency, fostering
employee trust, and driving meaningful change at synd.io.
About Syndio
Syndio is the leader in workplace equity
solutions, offering technology and expert advice that enables
companies to measure, achieve, and sustain equity and transparency
at every step of the employee lifecycle. With Syndio's Workplace
Equity Platform, companies embed equity into their core business
practices, helping to identify pay gaps, bolster the efficacy of HR
policies, and facilitate faster, less biased decision-making.
Trusted by over 300 companies, including 30% of Fortune's Most
Admired Companies, Syndio ensures equity and consistency in pay and
advancement while streamlining global compliance reporting and
communications so that each customer can become and remain an
employer of choice. Join the forefront of building a more equitable
and efficient future of work with Syndio.
Contact: Lauren Riefflin,
425.829.0516, lauren@kingstonmarketing.group
View original content to download
multimedia:https://www.prnewswire.com/news-releases/financial-sector-significantly-outpaces-other-industries-in-pay-transparency-revolution-302191073.html
SOURCE Syndio