Business Wire

beqom Study Shows Pandemic Has Eroded Workers’ Pay Transparency, Pay Equity


Only half (51%) of U.S. workers say they have felt comfortable discussing pay with their direct managers during the pandemic, while 41% have not. Far more men (62%) than women (44%) have felt comfortable speaking with their manager about their pay, while Baby Boomers (51%) are almost twice as likely as Generation Z (26%) to be willing to broach the subject. These findings are according to beqom’s 2021 Compensation and Culture Report, which uncovered how employee views of total rewards, diversity and inclusion, work-life balance, transparency, and benefits have changed during the COVID-19 pandemic and what employees expect from their employers in 2021 and beyond.

Of employees who were not comfortable speaking with their manager about their compensation during the pandemic, more than a third (37%) said they’re grateful just to have a job and did not think discussing pay would reflect positively, while a quarter (25%) were nervous it would impact their employment status. While in 2018, 46% of employees said they would share or discuss salary with colleagues, including 56% of Millennials, in 2020, that share dropped to 40% overall, with a significant 13% drop among Millennials (43%).

“In a year like 2020, employees may have in fact been justified feeling uneasy discussing their pay, but the gender and age gaps in these responses should be of concern to employers,” said Tanya Jansen, beqom co-founder and CMO. “This reluctance has the potential to exacerbate gender-related pay gaps and to affect not only the retention of but the lifetime earning potential of Gen Z in particular. Because pay equity perceptions have such a strong influence on retention and employee morale, it’s incumbent upon organizations to be more transparent and communicative with employees around compensation.”

Additional findings from the report show that:

More employees than C-Suite executives took a pay cut during the pandemic.

  • More than half (51%) of employees experienced a pay cut during the pandemic, and Gen Z (67%) were the most likely to experience a cut.
  • Just 24% of employees say their CEO or executive leadership team took a pay cut during the pandemic.

Less than half of employees would take a pay cut to save colleagues’ jobs.

  • A majority (55%) of employees would take a pay cut to avoid being furloughed or let go, with Gen Z (61%) and Millennials (57%) most likely to accept cuts.
  • Less than half (44%) would take a pay cut if it meant their colleagues would not be furloughed.

Lack of childcare benefits for working parents led to reduced working hours, less career opportunity.

  • Nearly half (47%) of working parents were forced to cut down hours, and thus pay, due to childcare obligations, and nearly two in five (39%) considered leaving the workforce.
  • Nearly half (48%) of working parents believe their path to promotion has been negatively affected due to managing childcare during the pandemic.

Employees want to know they’re fairly paid within their specific role above all else.

  • When it comes to compensation transparency, employees are most interested in understanding the average compensation for every position at their company (37%), compared to the compensation of every member of their team (21%), the compensation of their CEO and executives (17%), and company compensation by demographic (7%).
  • Women (42%) are more likely than men (30%) to want to know the average compensation for every position, while men (22%) are more likely than women (13%) to want to know the compensation of the CEO and executives at their company.

Employers should not underestimate the importance of pay transparency or a DE&I strategy for employee retention.

  • More than three-quarters of employees would consider switching jobs if another company offered unlimited paid leave (77%), more flexibility in working hours (76%), or remote work post-COVID (77%).
  • Nearly half (48%) of employees would also consider switching jobs if another company had a built out DE&I (diversity, equity and inclusion) strategy, and 58% would consider switching for more pay transparency than their current company provides.

To learn more about beqom’s 2021 Compensation & Culture report and view additional findings, download the full report.

Contact information

Stanley Chang

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

BridgeTower Capital Launches Security Token Pre-Offering and Announces Global Expansion With Key Partners15.4.2021 18:00:00 CEST | Press release

BridgeTower Capital, a tokenized global private equity firm, has launched a private Security Token Pre-Offering (STO) culminating 12 months of work to purposefully assemble a team of world-class partners to participate in the blockchain infrastructure and services marketplace in the rapidly growing world of decentralized finance (DeFi). BridgeTower also announced it has formed a Zurich-based entity to further expand its current offering of blockchain infrastructure products and services. BridgeTower launched its Private -STO campaign earlier this week, which provides an opportunity for accredited investors to purchase shares in the company in the form of a digital security. BridgeTower has received active participation already and is seeking to raise $200 million in this initial raise. “We are seeing a global confluence of public and private digital finance markets being fueled by the adoption of blockchain technologies. This is creating unique opportunities for those who can assemble

Cryptology Asset Group p.l.c. successfully completes a share capital increase and sale of treasury shares and reviews options for financing further growth15.4.2021 16:49:00 CEST | Press release

Cryptology Asset Group p.l.c. (ISIN: MT0001770107; Ticker: CAP), a leading European investment company for blockchain- and crypto-related business models, has successfully completed its cash capital increase by issuing 128,375 new shares and the additional sale of the entire amount of 31,625 treasury shares to institutional investors. At a fixed price of EUR 200.00 per share each, the Company will receive total gross proceeds of EUR 32.0 million, which will be used to invest in new portfolio companies from the Cryptology pipeline. The Company is also exploring the possible acquisition of crypto assets, such as Bitcoin, as part of its treasury management strategy. To finance further growth, Cryptology is also currently reviewing various options to raise additional capital, such as through the issuance of a convertible or a straight bond. ICF BANK AG has been commissioned to conduct a market review. Management will make the final financing decision based on investor feedback and the prev

Cryptology Asset Group p.l.c. resolves a cash capital increase and sale of treasury shares15.4.2021 16:45:00 CEST | Press release

The Board of Directors of Cryptology Asset Group p.l.c. (ISIN: MT0001770107; Ticker: CAP) today resolved to increase the share capital of the Company by 128,375 new shares and to sell 31,625 treasury shares which is the entire position Cryptology holds of own shares after the buyback done over the last months. Shareholders' subscription rights to the new shares and the treasury shares are excluded. The Company has entered into binding subscription agreements for the entire amount of in total 160,000 shares with several institutional investors. Closing of the transaction is expected for end of April 2021. The capital increase will be carried out in cash contributions and by partially utilizing the existing authorized capital. The share capital of the Company is to be increased from EUR 2,732,500 to EUR 2,860,875 by issuing 128,375 new bearer shares of the Company ("New Shares"). The New Shares will be issued with a pro rata amount of capital stock of EUR 1.00 per share and with full div

A Digital Transformation: Mary Kay Inc. Launches Immersive Virtual Experience Platform Suite 13 TM15.4.2021 15:03:00 CEST | Press release

Global beauty brand Mary Kay Inc. and its Mary Kay Global Design Studio present Suite 13TM, an innovative virtual beauty experience that leverages the use of virtual reality to digitize Mary Kay's first virtual pop-up showroom. Designed with the latest virtual reality technology, the new Suite 13TM offers Mary Kay Independent Beauty Consultants and their customers a 360-degree, 3D beauty experience where users can virtually browse the beauty brand’s portfolio of skin care as well as explore the company and its founder Mary Kay Ash’s history. This press release features multimedia. View the full release here: The new Suite 13™ offers Mary Kay Independent Beauty Consultants and their customers a 360-degree, 3D beauty experience. (Photo: Mary Kay Inc.) The new Suite 13TM invites users to tour through virtual “rooms”. Upon entering the “Lobby”, users can learn about the Company’s global legacy. The other virtual rooms include the “P

Conviva Works With ServiceNow to Provide Next Generation Customer Service for Streaming Customers15.4.2021 15:00:00 CEST | Press release

Conviva, the intelligence cloud for streaming media, today announced that its streaming insights data will be integrated with ServiceNow telecom and media industry solutions. This new integration will enable streaming providers to offer more reliable streaming services and personalized customer care experiences to drive user acquisition, reduce operational costs and increase customer lifetime value. This press release features multimedia. View the full release here: Conviva and ServiceNow Provide Next Generation Customer Service For Streaming Customers (Graphic: Business Wire) Conviva’s integration with ServiceNow extends ServiceNow’s offerings within the telecom and media industry and will help streaming customers to automate proactive case creation and ticket generation to identify and diagnose incidents across the entire video delivery supply chain. Adding this additional layer of automation to root cause analysis delivers im

Thales IoT SAFE to Secure Cloud Connectivity for New Internet of Things Services in Canada15.4.2021 15:00:00 CEST | Press release

Thales technology is at the heart of a new Canadian IoT project that is enabling instant, secure and scalable cloud connectivity for SIM/eSIM-enabled IoT. Working alongside TELUS, a leading Canadian wireless network operator, and the Canadian Internet Registration Authority (CIRA), the project’s certification partner, Thales is supplying SIMs and the IoT server, both compliant with the GSMA IoT SAFE specifications. This press release features multimedia. View the full release here: (Photo: Thales) The Thales IoT SAFE service offers an interoperable framework enabling swift deployment of IoT applications. Delivered in a plug & play SaaS mode, it benefits minimal integration effort. It creates a scalable and automatic environment for cloud data security of SIM-equipped devices with a remote management feature. TELUS continues its IoT expansion with devices across Canada, offering enterprises an innovative system that eliminates th

First Patient Enrolled in PROTECT IV Randomized Controlled Trial of Impella15.4.2021 14:03:00 CEST | Press release

Abiomed (NASDAQ:ABMD) announced today that the first patient has been enrolled in PROTECT IV, a large, prospective, multi-center randomized controlled trial (RCT) that is designed to provide the level of clinical evidence needed to achieve a Class I guideline recommendation for Impella in high-risk percutaneous coronary intervention (HRPCI). The first patient was enrolled at Ascension St. John Hospital in Detroit by Dr. Ted Schreiber, chief of cardiology at Ascension St. John Macomb-Oakland Hospital and Dr. Amir Kaki, interventional cardiologist and director of mechanical circulatory support at Ascension St. John Hospital. This press release features multimedia. View the full release here: Impella Clinical Pathway to Class I Guideline (Graphic: Business Wire) The two-arm trial will compare the benefits of HRPCI with Impella versus HRPCI without Impella support. The primary endpoint of the study is the composite of all-cause deat