Pay equity refers to the principle that individuals should receive equal pay for work of equal value, regardless of their gender, race, or other characteristics. This means that if two people perform similar tasks and have comparable skills, they should earn the same salary. Achieving pay equity helps to eliminate wage gaps and promotes fairness in the workplace. Ensuring pay equity is important for fostering a diverse and inclusive environment. Organizations often conduct pay audits to identify disparities and implement strategies to address them. By prioritizing pay equity, companies can enhance employee satisfaction and retention, ultimately leading to a more productive workforce.