Preparing for Pay Transparency in Europe: Learnings from a Pioneer
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Future of Work

Preparing for Pay Transparency in Europe: Learnings from a Pioneer

12 August 2024 / Article

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As companies prepare for the upcoming EU-wide pay transparency law, one fast growing global pharmaceutical company, headquartered in Europe, shares how it is implementing pay transparency as part of a multi-year journey to embed sustainability into corporate purpose, strategy, and culture.

Trusted Insights for What’s Ahead™ 

  • Implementing pay transparency is important for talent attraction and retention and to support the pharmaceutical’s ambition to be a sustainable business and employer. In 2023, the company recruited 9,000 employees and recorded sales growth of 36%; 2024 looks equally promising. In a sector where competition for talent is fierce, being an employer of choice ensures the company has the skilled workers to meet its strategic aspirations and growth plans. 
  • Introducing pay transparency is much more about implementing culture and behavior change than it is about redesigning pay policies and practices. The company’s commitment to equity, inclusion, transparency, and trust provides the cultural scaffolding to help embed pay transparency practices across the global organization. 

As companies prepare for the upcoming EU-wide pay transparency law, one fast growing global pharmaceutical company, headquartered in Europe, shares how it is implementing pay transparency as part of a multi-year journey to embed sustainability into corporate purpose, strategy, and culture.

Trusted Insights for What’s Ahead™ 

  • Implementing pay transparency is important for talent attraction and retention and to support the pharmaceutical’s ambition to be a sustainable business and employer. In 2023, the company recruited 9,000 employees and recorded sales growth of 36%; 2024 looks equally promising. In a sector where competition for talent is fierce, being an employer of choice ensures the company has the skilled workers to meet its strategic aspirations and growth plans. 
  • Introducing pay transparency is much more about implementing culture and behavior change than it is about redesigning pay policies and practices. The company’s commitment to equity, inclusion, transparency, and trust provides the cultural scaffolding to help embed pay transparency practices across the global organization. 
  • A holistic, culture-based approach to pay transparency is supported by a set of sustainable reward principles. These principles aim to ensure that reward practices can be maintained over time and still be fair, equal, and competitive. The principles include a commitment to gender pay equality, inclusive benefits, and a living wage. Pay transparency policy has been reframed around these reward principles, as have supporting actions such as gender pay gap reporting and equal pay analyses. 
  • A cross-organizational mandate is essential to enable the transition to pay transparency. A Sustainable Rewards Council, comprising senior leaders from different organizational functions and geographies, has provided practical advice and feedback about pay transparency initiatives and other steps to sustainable rewards. These leaders also acted as change management ambassadors to internal and external stakeholders.
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Authors

Michel Syrett

Michel Syrett Michel Syrett

Senior Human Capital Fellow
The Conference Board

Read Bio

Marion Devine

Marion Devine Marion Devine

Principal Researcher, Human Capital, Europe
The Conference Board

Read Bio

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