President Obama has issued an executive order aimed at creating compensation equity for men and women working for federal contractors.

In doing so, the President asked the Secretary of Labor to require federal contractors to submit data on employee compensation by race and gender — which will help employers take proactive efforts to ensure fair pay for all their employees.

“Restoring opportunity for all has to be our priority, making sure the economy rewards hard work for every single American. Because when women succeed, America succeeds,” Obama said in a speech to mark the signing of the order.