Ensuring Equal Pay for Equal work
Paying our employees equally for equal work is consistent with our values and is at the heart of our global compensation practices. Our approach to monitoring and maintaining pay equity includes regularly benchmarking global salaries, conducting rigorous internal and external parity audits and reviewing pay recommendations across the company as part of our annual compensation process.
Boston Scientific conducted its first independent, third party pay equity analyses in 2014, and has run analyses every year since that time studying our global salaried and sales populations. In 2018, we expanded our focus to include hourly employees. We check for pay equity using regression analysis - an approach to analyzing data that considers multiple variables that should influence pay such as job, tenure at the company, years of experience, location, etc. We then look for unexplained differences when it comes to gender and, in the U.S. and Puerto Rico, to race/ethnicity. Consistent with our previously published findings, our 2018 analyses found less than a 1% statistical difference in pay along gender lines for all three of the groups analyzed. For hourly employees, we identified less than a 1.1% statistical difference for race/ethnicity in the U.S. and Puerto Rico*, and no disparities for salaried and sales employees.
In all cases of a disparity, we examined the circumstances to understand the root cause, and if there was a pay differential that could not be explained by a known variable, we increased pay. Percentage of employees who showed no statistically significant pay disparity:
To achieve our goals of greater representation at all levels of the organization, we have instituted several programs, including targeted development and succession planning, diversity recruiting and mandatory consideration of a pool of diverse candidates for open leadership roles. We are also expanding our education on workforce inclusion by providing unconscious bias training to every employee, auditing our policies and practices to ensure they support an inclusive environment and expanding sponsorship and leadership advocacy programs.
Diversity is a core value and business imperative. We know that continued progress toward our diversity goals requires vigilance, and every employee has a role to play. We will keep challenging ourselves—and each other—to make Boston Scientific a workplace where differences are valued and employees feel empowered to bring their best selves to work each day to advance science for life.
*Each country has specific requirements and legal considerations regarding how race/ethnicity data can be used and reported. Our reporting focuses on our US/PR populations as it is uniform in definition, reporting and use.