Things look better when we make an apples-to-apples comparison, controlling for factors like years of experience, job title, and job level. When we look at the "controlled pay gap," which compares men and women's pay for the same job with the same experience, women today make about 98 cents for every dollar earned by men (up from 97 cents last year).

Clearly, this is a much better number for women, but the problem is that even a few cents add up. For a man making $100,000 a year, this gap means a woman will earn $2,000 less annually for the same job.

When we dig even deeper into this data we see that men aren't just getting paid more, they are also being promoted into senior leadership positions more frequently than their female counterparts. In fact, men are 85 percent more likely than women to hold executive-level positions by mid-career and they are almost twice as likely to hold executive-level positions in their late careers. This massive "opportunity gap" due to promotion velocity represents a huge pay gap for women.  

So, with this backdrop, many HR managers may be wondering how it impacts their organizations directly. The reality is that gender inequity takes a toll on all employees, not just women. PayScale's research shows that employees want to work at organizations where corporate values such as fairness are aligned with their own personal values.

If your company doesn't address the pay or opportunity gap, it can impact your ability to retain talent, truly engage employees and — ultimately — maximize profits. And notably, even transparent companies with the best of intentions can uncover a pay gap when left unchecked.

So what can you do to address these issues? Here are three specific steps managers can take:

1. Become an advocate for pay fairness

Paying equally and paying fairly are not the same thing. Paying fairly involves examining pay practices compared with the external market and internally as well. It means deciding what matters to your organization, like a history of achieving results, deciding to reward it, and deciding how best to communicate it.

Employees have a long memory when it comes to fair pay, and when they get a sense that the organization is not paying fairly, it can take even longer to remedy the situation. It's better to prevent inequities before they can start.

PayScale's Compensation Best Practices Report reveals there is a chasm between employees' and employers' perceptions of fair pay. Employers and employees have different perceptions of how equitable their pay is. For example, 57 percent of employers say that their organization has no issue with gender inequity, so no action is needed. Only 48 percent of employees agree with them.  

So it's no longer enough to pay employees fairly, you also need to show them the data because they may not feel valued.

In addition, a lack of transparency can allow gender pay inequity to creep in unconsciously. If employers don't think proactively about pay equity, they risk unintentionally paying men and women differently.

2. Identify and address the opportunity gap

PayScale's data shows us that women are less likely than men to have higher-paying executive-level jobs. Look at the executive team and other leadership groups at your organization: are men and women equally represented? If not, why?

There are some industries that tend to have more gender disparity at the highest levels than others. If you see that women are not climbing the corporate ladder at the same rate as men, look for ways to overcome this disparity. Research shows that companies with diverse leadership teams are more profitable in the long run.

3. Listen and talk to your employees about pay

There is a sea change underway when it comes to talking about pay. Compensation used to be taboo and was shrouded in secrecy. Now, many top performing companies actually welcome discussions from their employees about pay because it opens the door to having a conversation that builds more trusting relationships with employees. However, having more open conversations can be hard (and even scary) for managers.

Employers need to train managers how to talk effectively about pay and provide them with real market data to use in conversations with their employees. Talking about pay takes practice, so some organizations even do practice sessions with managers so they can develop skills for having positive conversations about pay that will establish more trust with employees.

Taking these steps can ensure that all your employees are paid fairly and that they feel valued. But proactively addressing the gender pay and opportunity gap at your company doesn't just make people feel better; it's good for the bottom line.