Why This Fortune 500 Company Isn't Stopping at Global Gender Pay Parity (And Neither Should You)
During a recent refresh of our company’s values, we made the decision to include equity, along with courage, excellence and joy. As Pfizer’s CHRO, I have spent some time thinking about what a powerful concept equity can be as we work to create a world where every person is seen, heard and cared for. But for equity to be real it requires not just thought but action. One action we have taken is to conduct our first global pay equity study.
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The question we wanted to answer was “Are we paying all people equitably, without regard to gender or race?” and I am happy to report that the answer is yes, Pfizer does pay all colleagues equitably based on their role, education and experience. Women globally earn better than 99% of what men earn, and minorities in the U.S. earn the same as non-minorities. While this is great news, it was the outcome I was expecting: Pfizer is a fair company and we have good pay practices in place.
But pay equity isn’t just about paying fairly, it is also about the potential to earn. While it’s good to know that when women and minorities are in leadership positions at Pfizer, they are paid appropriately, it is just as important to know that everyone has the same opportunity to grow, develop and succeed.
Achieving pay parity is just the beginning. True success comes through opportunity parity, so we’re taking action here, too. We’ve set ambitious goals to increase the representation of women and minorities in our leadership roles by 2025 to more closely mirror our population. We are committed to an inclusive environment that actively supports career growth and development for those who are under-represented in our senior ranks and we are building a culture, based on our values, that holds leaders accountable for their hiring decisions and inspires talented people to join us.
When I am asked what I love about working at Pfizer, my answer will always be our purpose: breakthroughs that change patients’ lives. It is a purpose that is equal part overwhelming challenge and extraordinary possibility. To achieve our purpose, our values: courage, excellence, joy and equity must be the way we live and work so that all of our people can reach their full potential, do their best work and be their best selves every day in support of the millions of patients around the world who depend on us.
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This article was originally published on LinkedIn.
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