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Nike Addresses Gender Pay Equity, Will Give Thousands of Raises
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Nike (NKE - Free Report) decided to amend its employee payment policies after conducting an internal review of its compensation practices earlier this year. The shoe giant said it will adjust and raise salaries for about 10 percent of its employees and change how it awards annual bonuses.
The motive behind this overhaul is to ensure equal and competitive salaries, regardless of gender or any other differentiating factors, according to an internal memo reviewed by CNBC. Bonuses will now be based on company-wide performance, instead of having bonuses based on performance of a combination of team and individuals.
The memo said that Nike will analyze all roles in a deeper manner globally. It also mentioned the purpose of the program is to “support a culture in which employees feel included and empowered.”
This move to change the pay system is just one of Nike’s many attempts to enhance its treatment of women in the office. This is most likely due to the recent internal #MeToo movement that happened this spring, which saw a group of female Nike employees declare that they have experienced gender disparities in terms of compensation.
Another attempt to ameliorate this situation is Nike’s appointment of a female vice president and chief of diversity and inclusion.
On top of that, following the gaining trend of female athleisure wear, the company has been pushing for more women’s sneakers and apparel. Nike’s sales in the women’s section were unaffected by the #MeToo movement earlier this year, and now, by increasing its women’s selection and addressing pay equity, the company can really ramp up its reputation amongst women.
Investors should watch out for Nike’s stock, as it is making positive internal changes. Nike is currently holding a Zacks Rank #3 (Hold).
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
Image: Bigstock
Nike Addresses Gender Pay Equity, Will Give Thousands of Raises
Nike (NKE - Free Report) decided to amend its employee payment policies after conducting an internal review of its compensation practices earlier this year. The shoe giant said it will adjust and raise salaries for about 10 percent of its employees and change how it awards annual bonuses.
The motive behind this overhaul is to ensure equal and competitive salaries, regardless of gender or any other differentiating factors, according to an internal memo reviewed by CNBC. Bonuses will now be based on company-wide performance, instead of having bonuses based on performance of a combination of team and individuals.
The memo said that Nike will analyze all roles in a deeper manner globally. It also mentioned the purpose of the program is to “support a culture in which employees feel included and empowered.”
This move to change the pay system is just one of Nike’s many attempts to enhance its treatment of women in the office. This is most likely due to the recent internal #MeToo movement that happened this spring, which saw a group of female Nike employees declare that they have experienced gender disparities in terms of compensation.
Another attempt to ameliorate this situation is Nike’s appointment of a female vice president and chief of diversity and inclusion.
On top of that, following the gaining trend of female athleisure wear, the company has been pushing for more women’s sneakers and apparel. Nike’s sales in the women’s section were unaffected by the #MeToo movement earlier this year, and now, by increasing its women’s selection and addressing pay equity, the company can really ramp up its reputation amongst women.
Investors should watch out for Nike’s stock, as it is making positive internal changes. Nike is currently holding a Zacks Rank #3 (Hold).
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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