fair pay 2016—closing the gender pay gap
TRANSCRIPT
Dear Employers,
You may have a gender pay gap problem.
www.payscale.com
You also may not—but figuring it out can be tricky.
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Let’s get a few things out of the way first…
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The stat that women earn 78 cents to every dollar earned by men is not a myth. It’s just used out of context or misunderstood… a lot.
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What it does reveal is that women are severely underrepresented in the best-paying jobs in our society.
Some of that is a career choice. Some of it is not.
www.payscale.com Source: Payscale.com
It’s even worse for women of color.
www.payscale.com Source: National Women’s Law Center
When we control for all the major factors that could influence pay outside of gender, the gap shrinks to 97 cents on the dollar — comparing all women to all men.
www.payscale.com Source: Payscale.com
The controlled pay gap looks pretty small, but the devil is in the details.
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It’s worse for particular types of jobs.
www.payscale.com Source: National Women’s Law Center
It’s also worse as women advance in their careers.
www.payscale.com Source: Payscale.com
How is it possible that women are so underrepresented in the most senior positions at companies, when women make up nearly half of the US labor force and attain a higher percentage of college degrees?
www.payscale.com Source: Catalsyst.org
It’s because women “opt out” of a career track when they become mothers?
www.payscale.com Source: Harvard Business Review
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Actually, according to women, the top reason they leave companies is pay—even
more often than men.
Source: Harvard Business Review
As of September 2017, sharing gender pay gap data may no longer
be optional for companies with more than 100 employees.
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If you haven’t looked at gender pay equity at your own organization, now is the time.
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www.payscale.com
Whether your motivation is legal compliance or a sense of fairness, analyzing
gender pay equity needs to be a priority.
It’s not just the right thing to do. It’s also good for business.
www.payscale.com Source: Payscale.com, Wall Street Journal
www.payscale.com
If you don’t like what you find, remember that no one introduces pay inequities
intentionally—it happens when you’re not looking.
Any company could have a gender pay gap they’re unaware of. It’s time you take the LEAD in solving it.
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Look for potential pay equity issues.
Evaluate the issues, talk to managers, determine the rationale for any discrepancies. Fair isn’t always equal, but fair should be defensible.
Act. Think strategically about how to best address a potential pay gap in your organization and determine the best approach to correcting it.
Discuss solutions.
