Goldman Sachs recently agreed to a deal in a discrimination matter alleging the bank systematically discriminates against women when setting salaries and doling out promotions. Experts say this deal, which includes reforming the bank’s practices and annual pay equity audits, should spur other employers to take a hard look at gender pay disparities in their own companies.

Partner Reid Skibell explained to Law360 that Goldman Sachs’ specific model won’t be right for everyone, “It’s not one-size-fits-all. It’s partly business needs, it’s partly the size of the corporation.” However, Skibell agrees that conducting pay equity audits are a good idea: “The antidote is the commitment to having a labor economist look into their demographics and what they’re paying people to confirm whether those changes are positive or negative. There’s a check in place.”

Read the full article (subscription required).