Wage equity refers to the principle of ensuring that individuals receive fair compensation for their work, regardless of factors such as gender, race, or other characteristics. It aims to eliminate pay disparities that can arise from discrimination or bias, promoting equal pay for equal work. Achieving wage equity involves analyzing salary structures and making adjustments to ensure that all employees are compensated fairly. This can include implementing transparent pay practices and conducting regular audits to identify and address any inequities. Organizations often adopt policies to support equal pay initiatives and foster a more inclusive workplace.