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Micron Technology, Inc. has announced that it has reached comprehensive global pay equity in total employee compensation across base, bonuses and stock rewards. Last year, the company set a goal to achieve pay equity for all employees as a key pillar of its diversity, equality and inclusion initiative. In line with the company’s commitment to drive equal pay, inclusive benefits and fairness in its people practices, this new milestone reinforces Micron’s focus and commitment to create an environment where every team member is valued and respected.
“Providing fair and equal pay for all team members is key to driving employee wellbeing, passion and confidence that is critical to the success of Micron’s business,” said April Arnzen, chief people officer at Micron. “While many companies focus on base pay alone, we recognize that full compensation equity requires a holistic approach. Equal pay is foundational to an inclusive culture in which people can thrive.”
Micron uses technology to analyze and understand pay variances, and makes adjustments to eliminate statistically significant differences in compensation for underrepresented groups and their corresponding majority groups. Initially Micron focused on gender pay equity, which it achieved globally for women in 2018. The company has expanded its analysis to include all underrepresented groups, including a global look at people with disabilities, as well as veterans, Blacks and Hispanics/Latinx in the U.S.
“Reaching pay equity for all and expanding our study to reach beyond gender is a major milestone,” said Sharawn Connors, vice president of diversity, equality and inclusion (DEI) at Micron. “Creating a workplace where everyone is confident that their compensation is fair and equitable and based on merit helps us attract the best people and retain them.”
Micron is committed to DEI and has embedded initiatives in its business and operations around the world. The company set strategy-driven DEI commitments for FY21 in inclusion, hiring, giving and investments in minority-owned institutions.