Shawmut CEO Les Hiscoe recently wrote a byline for High-Profile outlining how Shawmut achieved 100% pay equity in a year. The byline was published to coincide with Equal Pay Day, which falls on March 31st this year and raises awareness of the gap between men’s and women’s wages by illustrating how far into the year women must work to match what men earned in the previous year.
After an outside audit identified a gender-based wage gap, Shawmut executives revamped policies with the goal of putting high-potential female employees on a faster track to advancement. This commitment to making “Equal Pay Day” every day set Shawmut on a path to true equity.
While the approach to creating an inclusive and equitable culture is ever-evolving, Hiscoe hopes Shawmut’s journey will inspire other firms to do the same.
Excerpt from Hiscoe's byline in High-Profile
As the leader of an employee-owned firm with a people-first culture, I feel a deep responsibility – both personally and professionally – to foster true equality.
We’re proud to have three times more female representation at Shawmut than found industry-wide, but it’s meaningless without equity for all.
At the beginning of 2019, Shawmut set a goal to achieve 100% pay equity. By simultaneously establishing pay transparency as a business imperative, we met this goal by 2020 and have laid the groundwork for a continued path to diversity, equity, and inclusion. With that in mind, I want to offer a glimpse into our pay equity journey to help guide firms looking to forge their own path.