I'm usually less interested in concoction some monolithic, absolute definition of pay equity and more interested in what adult conversations we should be having.
These are conversations like: what are everyone's financial requirements, dreams and challenges? Are theee any clear ways to assess variances in value delivered by individuals and the team? Is there enough collaboration to make team dominated compensation more realistic? When and how should anyone ask for differences in pay, hours or benefits? And what would make these conversations trustworthy and trust building?