Many of the gender and racial wage gaps found in society are also seen within higher education, with less diversity among college administrators, faculty, and staff than the United States population as a whole. Postsecondary institutions alone cannot correct the systemic inequities that limit socioeconomic mobility and racial justice, but they can address these issues on their own campuses. Institutions must take responsibility for their own policies and practices, some of which perpetuate labor market discrimination. Indeed, as major employers in their communities, institutions can and should be leaders on equitable employment practices to build a fairer labor market for their students to enter. This paper first highlights racial and gender inequities in institutional hiring and compensation trends. It then points to ways in which postsecondary institutions can use data to identify and address their own hiring, payment, and promotion inequities that depress the value that many students of color and women receive from postsecondary education. Following this approach, institutions of higher education can transform themselves and "walk the walk," rather than perpetuate the racial/ethnic, gender, and income injustices seen throughout our society.