New Coalition Sets Equal Pay Moonshot to Close the Gender Pay Gap Among Startups in 5 Years
By OpenComp, Mar 15, 2022 6:00:00 AM
SAN FRANCISCO (March 15, 2022) - In recognition of U.S. Equal Pay Day, OpenComp, the leader in compensation intelligence solutions, today announced the formation of Organizations for Pay Equity Now - or OPEN Imperative - a new coalition of hundreds of high-growth employers, VCs and influencers committed to eliminating gender pay gaps through data-driven action. In its debut, OPEN Imperative set an Equal Pay Moonshot to close the gender pay gap among startups in the next five years.
“The U.S. gender pay gap has barely budged in the past 15 years, and good intentions are no longer enough,” says Thanh Nguyen, CEO and co-founder of OpenComp and a founding partner in OPEN Imperative. “Systemic change can only happen when CEOs and company leaders champion institutional change from the top down. We started OPEN Imperative to push past giving lip service to DEI, and together we will educate founders on the need to address pay equity and activate them to act.”
Business leaders know inclusive businesses grow faster and earn more revenue. However, a recent study by OpenComp found that while 78% of CEOs say pay equity is important, CEOs aren’t in tune with the fact that the majority (61%) of their organizations report inadequate resources to address it. Top three barriers to progress include access to compensation data, leadership buy-in, and time.
OPEN Imperative will support members in removing such barriers to gender pay parity by:
- Providing a confidential audit of members' gender pay equity performance;
- Specifying immediately actionable steps for companies to bridge gaps in pay; and
- Connecting like-minded leaders in an exclusive community with ultra-curated resources, as well as live and virtual events.
OPEN Imperative members commit to measurable pay equity progress. In its first year of operation, members pledge to reduce gender pay gaps by 60% and achieve a collective average equal pay day of January 31, 2023 (43 days sooner than March 15, 2022).
OPEN Imperative Advisory Board and Charter Members Include Preeminent Policy and DEI Leaders
Top policy and DEI leaders have joined OPEN Imperative’s Advisory Board to help craft the coalition’s overall strategy to drive tangible outcomes:
- Dr. C. Nicole Mason, Ph.D, president and CEO, Institute for Women’s Policy Research
- Traunza Adams, chief people officer, H1
- Amy Cross, founder, Gender Fair
- Aisha Stephenson, former chief people officer, Emerson Collective and Okta
- Noreen Farell, executive director, Equal Rights Advocates
- Emily Sweet, OPEN Imperative lead, OpenComp
“Businesses are on the front lines of making decisions every day that impact women’s lives. I joined OPEN Imperative because I believe that empowering founders and CEOs will overcome existing roadblocks to gender pay equity,” says Dr. Mason. “Together, we will accelerate progress to close the gender pay gap.”
Within OPEN Imperative, more than 200 prominent company leaders have joined to drive meaningful change, including BreachRx, Company Ventures, Farmer’s Fridge, Imply.io, Landed, MentalHappy, Near, Nextdoor, Overline, Prodly, Qwick, Sarwa and Uqual. OPEN Imperative is seeking additional advisory board members with business leadership experience.
“Gender equity progress has crawled for too long. The onus is on business leaders to combat this inequity,” said Tamar Blue, founder and CEO, MentalHappy, and founding member of OPEN Imperative. “I’m energized to help drive collective action around pay progress — a pillar of gender equity — through the OPEN Imperative, in workplaces that normalize female leadership.”
To learn more about the OPEN Imperative and be part of the change, sign up here.
About OPEN Imperative
The OPEN Imperative (Organizations for Pay Equity Now) is a coalition of hundreds of founders, CEOs and investors from the world's fastest-growing companies. Together, we commit to ending gender pay disparity in our organizations by 2027 via data-driven action. The OPEN Imperative was founded in 2022 by OpenComp. Join our mission at https://openimperative.org/.
OpenComp empowers high-growth companies to grow faster and smarter with compensation intelligence. More than 2,000 companies use OpenComp to attract and empower top talent in fair, consistent ways, including Calm, DataRobot, Discord, DrChrono, Figma, Medium, Mosaic, Mux, and Reddit. Founded in 2021 by Thanh Nguyen and Nancy Connery, Salesforce’s founding HR team, OpenComp has raised $24 million in venture capital from J.P. Morgan, TIME Ventures (the investment fund for Marc Benioff), 8VC and more. OpenComp is available for free for organizations up to 50 employees, with tiered pricing and services for other organizations based on size and needs. Sign up at www.opencomp.com and get connected at https://www.linkedin.com/company/opencomp-llc.
Changemaker Communications for OpenComp