Paying Employees Equitably
At Loews, we understand that our greatest asset is our people, and we are committed to equitable pay and transparent compensation practices.
To that end, each of Loews and its subsidiaries evaluates job roles and responsibilities to ensure equitable compensation within their respective companies.
As part of their processes, each company conducts periodic external benchmarking studies to inform its internal compensation practices. Based in part on that data, each job is assigned a market range, which provides a guide for setting compensation.
An employee’s compensation may be lower or higher in the applicable compensation range based on a number of legitimate, non-discriminatory business-related factors, including the employee’s experience, skills, qualifications, responsibilities and performance.
For new hires and promotions, qualifications and experience are considered relative to the market‐aligned range for the job and to peers to ensure that compensation is both externally competitive and internally equitable. External candidates are not asked about current or historical compensation in accordance with applicable laws.
Managers receive guidance to help ensure that non-discriminatory business-related factors form the basis of all compensation decisions and that any identified issues with unexplained differences in compensation are promptly addressed.
As a result of the processes described above, we are confident that the pay practices at Loews and our subsidiaries are being applied in an appropriate and non-discriminatory manner.