“Workplace equity, even in 2024, is much easier said than done,” says Business Executive
Bobby Chacko. “Challenges like pay gaps, discrimination, social injustice and more having long been at the center of employee satisfaction concerns.”
"Employee satisfaction is a key part of a business' success," Chacko said. "When your employees feel successful at work, they are naturally more productive and creative, and workplace satisfaction is directly interconnected with profitability.”
“Employees treated fairly and paid equally with their peers in the same position are more likely to be satisfied, and ultimately, more productive,” Chacko explained. “While it is illegal to discriminate against someone due to their race, gender identity, religion, color, etc., in the workplace, it unfortunately still happens daily.”
“Equality in the workplace revolves around diversity in the workplace," Chacko said. "And diversity leads to greater profit every time."
Bobby explained that companies that employ a diverse workforce see drastically greater revenue than those that have a homogenous team, and how that same diversity brings many different backgrounds to every problem-solving situation. He said the result is more creative problem solving, and a quicker route to the solution.
"Creating equality in the workplace takes effort by the executives and everyone on the team," Chacko said. "The executive team needs to commit to the concept of equality and let go of old tactics, and businesses can begin closing the gender pay gap immediately.”
They can also become more transparent about positions and salaries.
“A previous salary is not a starting point, and each position's salary should be clearly posted,” Chacko further explained. “And the salary should remain unchanged despite a person's gender, religion, race, color, or other factors. Incentive and performance bonuses are tools to reward differentiated performance above and beyond.”
Finally, Chacko explained that senior management needs to play a serious role in hiring and embrace the concepts of equality.
“Qualifications should be the top items considered when hiring a new employee, while factors such as gender and race should not even be a topic of discussion. Businesses that are willing to accept and implement strategies for superior equality in the workplace are those that will succeed,” Chacko concluded.