Closing the gender pay gap and promoting equality is critical for organisations that want to perform at their best. It requires ensuring that men and women have equal opportunities with fair compensation for their work.
Equally compensated employees are more inclined to put in extra effort and pitch in to aid their coworkers.
This increased degree of devotion results in improved work performance. On the other hand, underpaid employees frequently hunt for a new job which leads to more attrition.
This leads to great losses for organisations in terms of money and precious institutional knowledge. The disparity isn't closing any time soon.
Gender Pay Gap Stats:
According to the Institute for Women's Policy Research (IWPR), if the wage gap declines at the same rate as over the last 50 years, women will achieve pay equality by 2059.
This date is considerably further in the future for women of colour in western countries.t
The IWPR anticipates that black women will have to wait until 2119 for equal pay, while Hispanic women would have to wait until 2224.
But organisations of today should not lose hope.
There are strategies to bridge these income gaps between humans belonging to different regions, orientations, or genders.
Learn these ways below to make your company’s earning capacities and opportunities better for each employee without discrimination.
Here are 6 ways to help organisations close the gender pay gap
Perform a salary audit.
The first step in resolving an issue is to become aware of it. Analyse compensation by gender and race to identify and correct pay disparities.
Furthermore, be open about how your firm sets compensation so that employees aren't left guessing what elements influence their salary.
Make hiring and promotions equitable.
Audit evaluations and promotions on a regular basis to verify that your organisation is not consistently ranking males higher and promoting them faster. Trains managers to recognise the influence of gender bias on their decision-making. Clear and consistent criteria should be in place to prevent prejudice in hiring choices and performance evaluations.
Ensure that women are given equal chances for growth.
Women usually receive less performance evaluation, fewer high-profile assignments, and less access to mentorship and sponsorship.
Ensure that women in your company have equal access to people and opportunities that advance their careers. Refrain from burdening them with a disproportionate amount of "office housekeeping," such as event planning.
Make it the norm for women to bargain.
We expect women to be generous and collaborative, so when they advocate for themselves, we frequently see them negatively.
This societal backlash can have a severe impact on the outcomes of women's negotiations—and their careers.
Make sure that women in your company are encouraged to negotiate and that when they do, they are praised rather than punished. This way the gender pay gap can drastically decline in your firm.
Salary information exchange
You may absolutely disclose pay information because it is legally protected.
Many people do not believe it is, but it is, and you may absolutely share it with one another.
People believe that more accusations of uneven pay are coming to light because more married couples are working in the same industries or vocations. Then they compare their paychecks and say, 'What? Really?’
Friendly note: Do your research online to learn negotiations
There is more information available apart from all of these methods of decreasing and managing gender pay gap in a firm. Many are beneficial.
When you're up for a raise or getting recruited, check those websites. See if you're offered anything appropriate as per your location, position, and company size.
Increase the proportions of women leaders
Companies can venture into increasing women leaders in their firm by multiplying recruiting rates for leadership roles.
Then they must focus on the development of strong internal pipelines for advancement. When it’s happening regularly, the income disparity in an economy will eventually reduce.
While today's Global Gender Pay Gap Report highlights the progress made over the last decade, it is evident that we still have a long way to go, especially in terms of economic participation.
One of the levers for achieving gender equality in the workplace is to encourage more female leadership.
However, in order to get there, every gender at all levels will need to accept and support diversity and inclusion.