Financial Sector Significantly Outpaces Other Industries in Pay Transparency Revolution

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Jul 08, 2024, 13:09 ET

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.

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, [email protected]

SOURCE Syndio