International Women’s Day is coming on Monday, March 8th. While a lot of progress has been made to advance more equal opportunities for women in the workplace, there still remains a lot more to be done. Based on 2020 data from the U.S. Census Bureau, on average, women in the U.S. still earn less than their male colleagues. For every dollar a man makes, a woman earns just 82 cents. This gap varies based on race and ethnicity but in all cases is worse for women of color.
Our Choices Can Improve Gender Equality and Pay Equity
Equal pay is good for business and it is the law. Pay equity is not optional; it is a legal compliance issue.
Defending an equal pay claim is often expensive and regardless of the outcome of the case, even the allegation of pay discrimination can have a negative impact on an employer’s brand and reputation, which can, in turn, adversely impact recruitment and PR efforts. A real cost of pay inequity is evidenced in lost productivity, innovation, attrition, and low staff morale. Low morale often leads to absenteeism, illness, and retention issues.
Organizations are well-positioned to improve business metrics on all fronts by proactively addressing gender pay equity. The best foot forward is to start with pay analytics to determine whether and to what extent there is pay inequity within your organization. The analytics can also reveal whether there is underrepresentation among higher compensation job positions. Failure to take proactive actions will only undermine gender equality which can ultimately damage your business reputation and impact your bottom line.
So be proactive, in celebration of International Women’s Day and take action and steps towards gender equality. Not sure how to get started, click here.
Organizations looking to disclose pay equity, diversity, and inclusion data information should do so within an ESG reporting framework. Download our white paper, DEI in ESG Reporting to learn about the different standards you can leverage for sharing your progress.