In today’s Weekend Roundup, discover how student debt weighs heavily on employees, how the racial and ethnic pay gap could take years to close, and how to attract talent for your business. Click the headlines below to learn more!
Your workforce carries higher education debt than you think. Sixty-five percent of college-educated Americans are managing student loan payments right now. On average they owe $39,351 each, according to First Republic Bank. Carrying a financial burden that heavy can impact employee wellbeing and productivity. Especially when COVID-19 federal relief benefits eventually will expire.
While federal legislation exists to prohibit pay discrimination on the basis of factors like gender and race, employers have continued to lag in achieving pay equity between groups. Experts predicted the Biden administration would redouble government efforts on pay equity, and the Paycheck Fairness Act passed the House in April—but it stalled in the Senate, and it focused on sex discrimination, noninclusive of race. Even in these situations, pay discrimination tends to pertain to “controlled” situations, referring to “equal pay for equal work.”
As hiring rates increase post-pandemic, companies are feeling the pressure to acquire talented employees to integrate into their teams. These new hires must be both highly skilled and committed to improving company performance in the long term, not just filling an open position.
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