Toolkits for Small Business Owners
Three organizations, the Nasdaq Entrepreneurial Center, Fair Pay Workplace and Penn State University, and KPMG have come together, thanks to the generous support of the Wells Fargo Foundation, to build this set of interactive tools to empower you – at the earliest stages of your company – to think consciously about pay and pay principals – starting with yourself.
Fair compensation strikes at the heart of human dignity. You, as a business owner, have a unique opportunity to set up fair pay and compensation practices from the beginning. How do you want to align your values and build wealth for yourselves, your families, communities, and the world?
These guides are designed to help you answer this question and more.
FOR THE ENTREPRENEUR
Get Smart About Fair Pay:
A Guide for Paying Yourself
- Gain clarity on immediate (foundational) questions around pay for yourself
- What is my target to pay myself?
- When can I start paying myself more?
- Start planning for the future
- Can I afford to hire? Or expand my business?
- When can I afford shift pay for myself?
RESEARCH & FINDINGS
This toolkit and resource guide was informed by research led by Penn State University.
CLOSING THE WEALTH GAP,
ONE ENTREPRENEUR AT A TIME
Women entrepreneurs are the new majority. Every day of 2020, women started 1,821 new businesses. Of those, 64% were started by women of color. But pay, ownership, and valuation disparities are compounding the already large gender wealth gap.
Women pay themselves $53,000 less than men. The broader workforce pay gap shows up among entrepreneurs, too: women earn 77% of what men earn.
Source: Inc Women Entrepreneurship Report 2018
Venture capital is mostly allocated to white men. Nearly 75% of investments in 2019 & 2020 went to white men, but less than 2% went to women of color.
Source: HALO Report, Angel Resource Institute 2020
IN 2020, THE TOTAL IMPACT OF THESE DISPARITIES ADDS TO A
WHAT CAN WE DO TO CLOSE THE GAP?
Why We Care About This Work
Hear from The Nasdaq Entrepreneurial Center, Fair Pay Workplace and Penn State University why this work, why now.
The NEC has a thriving community of 15,000+ female entrepreneurs and 50+ aligned partner contributors, including accelerators/incubators, universities, non-profits, and 150+ investors, bankers, and economic development agencies that are actively engaged with the NEC. With over 800 free classes and 5,500 teaching hours, we deeply understand entrepreneur needs and the kinds of learning environments needed to shift mindsets and mental model.
The Evidence to Impact Collaborative (EIC) from PennState’s College of Health and Human Development was specifically designed for projects that require rapid ramp up and sustained collaboration needed to influence policy and resource flows. The EIC’s unique approach – building bi-partisan relationships to deliver timely data and evidence – is highly effective in driving policy and behavioral change.
FPW and its for-profit, enterprise software company funder Syndio, have benchmarking data, infrastructure, and validated measurement tools to help companies take immediate action based on insights gained. Today, Syndio has 85+ customers committed to fair pay, with most remediating pay for 5-10% of total employees to the tune of about $1.2M annually.