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AI Awards 2024 – Environmental, Social, and Governance (ESG) AI Award: Schneider Electric

Schneider Electric has been awarded the 2024 DataIQ AI Award for Environmental, Social, and Governance (ESG) because of its Fair Pay Simulator, attaining and maintaining a pay gap below 1% for both men and women.
AI Awards 2024 - Environmental

Schneider Electric’s Fair Pay Simulator has attained and maintained a pay gap below 1% for both men and women, earning the 2024 DataIQ AI Award title for Environmental, Social, and Governance (ESG). The Schneider Electric team partnered with the People Insights Advanced Analytics team to build an app to empower team members to take the right compensation decision at the time of hiring, internal mobility, promotion, and salary review.  

Since its launch, the Fair Pay Simulator has been instrumental in achieving a pay gap of below 1% for the first time. In only eight months, the equity ambition was reached two years ahead of schedule.   

“Schneider Electric’s Fair Pay Simulator represents a groundbreaking initiative in promoting fairness and equity in compensation practices, aligning with the company’s ambition to become the most Inclusive and Caring organization globally.” – Judges’ comment.  

The Fair Pay Simulator automatically ingests salary reference, salary structure and employee total target cash data. The outcome is the capability to simulate total compensation for new hires, internal mobility, and promotion, plus more.  

The app provides a high level of visibility on current and future pay equity gaps at individual and country level, which gives users the possibility to simulate a total compensation package aligned with the organizations’ overall pay equity objective. The Fair Pay Simulator forecasts the pay equity gap based on total target cash simulated by user inputs, while ensuring fair pay irrespective of any bias, improved pay equity gap index, and enhanced transparency for all human resources practitioners on the pay equity gap. 

“By automatically integrating salary data and providing visibility on pay equity gaps at individual and country levels, the Fair Pay Simulator ensures fairness and transparency in compensation decisions, mitigating biases and improving overall efficiency in rewards campaigns.” – Judges’ comment. 

Since launching the Fair Pay Simulator, Schneider Electric has registered benefits including decreased rewards audit time and effort, considerable time savings specifically around hiring and internal job changes, and improved overall efficiency for rewards campaigns.   

Schneider Electric pursues a holistic pay equity strategy centered on process, education and awareness, governance, advocacy, tools, and analytics. Embedding technology at the core of the process has been impactful and has accelerated the achievement of the ambitions set, 

“This innovative approach not only accelerates the achievement of Schneider Electric’s sustainability goals but also sets a new standard for inclusive compensation practices in the industry.” – Judges’ comment.  

AI Awards 2024
Year: 2024
Category: Environmental, Social, and Governance (ESG) AI Award

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