Using transparency in your business
Stitch Fix has managed to attract more support from investors, attract top talent, and create a positive company culture.
Initially, the philosophy behind the move consisted of a standardized wage for different levels of seniority. This enables equity to be achieved in a business and avoid the legal repercussions of unfair wage policies.
Gordon explains the measures that were put in place to reach this goal: “Something that we’re very proud of is that we had to ask employees to trust us, and this is what we’re doing.”
Stitch Fix did this because it felt that it was “the right thing to do” and as time went on the company looked at how technology could support its diversity, equity and inclusion (D,E&I) initiatives.
Gordon noted: “We [HR] needed to make sure we were doing statistically valid analysis, we had teams that already had roadmaps and things to do.”
Stitch Fix partnered with workplace equity platform Syndio. On the back of this partnership, Stitch Fix has managed to make progress in its D,E&I goals through pay equity.
Discussing the importance of pay transparency and technology, Gordon commented: “You might think you don’t have a compensation philosophy; you do.
“You may not know what it is. But you’ll start to see things like ‘ for the same exact job I have two different titles that are paid differently, because when they started in the organisation that implicitly has become your compensation philosophy.”
On the back of this, it’s time to get the data behind your current D,E&I progress so that you can push forward.
If you want more from UNLEASH America but can’t make it to Vegas, check out our website and our social media channels.