Last Friday was the seventh anniversary of the Lilly Ledbetter Fair Pay Act, and President Obama announced new rules for closing the pay gap between men and women. You can find more about the rules and what to expect by clicking here. If you have 100 or more employees, you will have additional paperwork to submit. Click here to learn more about the EEOC implementation for small businesses.
While additional paperwork and compliance poses challenges to small businesses, the focus on pay equity is critically important for our workforce and communities. In 2014, women were paid less than men in every field for which there is sufficient earnings data. The pay gap situation is more challenging for women of color. Make It Work produced a great video highlighting the pay gap in an easy to understand way and also exposed some of the rhetoric used to keep our country from achieving pay equity.
There are resources to help small businesses comply with new regulations. If you are an OBDC client and need support identifying and complying with regulations, contact us, and we can help you identify the best resource for your business.
