What are the benefits of closing the gender pay gap?

Closing the gender pay gap will benefit women, and may also bolster business performance, strengthening the global economy (Noland, Moran, and Kotschwar, 2016). Women’s lower earnings perpetuate gender inequality, decreasing their independence and bargaining power (Wodon and De le Briere, 2018).

How can the gender pay gap be overcome?

Strategies for narrowing the gender pay gap

1. Raise the minimum wage.
2. Increase pay transparency.
3. Unionize workplaces.
4. Implement fair scheduling practices.
5. Expand paid family and medical leave.
6. Increase access to child care.
7. Stop basing employee pay on salary history.
8. Improve work-life balance.

When will the pay gap close?

Closing the global gender pay gap has increased by a generation from 99.5 years to 135.6 years. At the current pace, gender gaps can potentially be closed in 52.1 years in Western Europe and 61.5 years in North America.

Why is it important to close the gender gap in the workplace?

Companies with more women in top management and board positions better reflect the profiles of their customers and employees, benefit from more diverse views when solving problems, rank higher on indicators of organizational cooperation and health, and report higher profitability and returns on equity.

When will the gender pay gap close?

What causes gender pay gap?

Differences in pay are caused by occupational segregation (with more men in higher paid industries and women in lower paid industries), vertical segregation (fewer women in senior, and hence better paying positions), ineffective equal pay legislation, women’s overall paid working hours, and barriers to entry into the …

How long is maternity leave for males?

12 weeks
How Long Is Paternity Leave in California? Under the California Family Rights Act (CFRA), most new dads who have worked at their employer for at least 1 year and 1,250 hours are entitled to 12 weeks of paternity leave to help their partner recover from childbirth or to bond with their new baby.

When is gender pay gap due?

By law, you must publish your gender pay gap data every year within 12 months of the relevant snapshot date. For listed public sector employers, the snapshot date is 31 March each year.

How important is gender equality in workplace?

Gender equality has been conclusively shown to stimulate economic growth, which is important, especially in countries with higher unemployment rates and less economic opportunity. Even when women do work, the gender pay gap means they aren’t earning as much as men.

Is there a gender pay gap in the workplace?

When you compare men and women at the beginning of their careers, with similar education and experience, the gender pay gap of earnings doesn’t really exist. It isn’t until about 10 years on that it becomes apparent, when women start to have babies. This originates from years ago, when women weren’t expected to work out side of the home.

Are ESG investors really interested in closing the gender pay gap?

From Wall Street to the soccer pitch, public interest in addressing the gender pay gap is greater than ever. While the press covers the U.S. Women’s World Cup team’s struggles to earn equal pay for equal (or, rather, superior) work, ESG-focused investors are demanding more granular disclosure of companies’ efforts to close the gender pay gap.

Are women still getting paid less than men?

However, regardless of whether you look at the adjusted or non adjusted pay gap, women are still getting paid less. It’s still not fair. And all over the world, woman are demanding equal pay for equal work.

How are shareholder proposals on gender pay changing?

As discussed below, shareholder proposals on gender pay are evolving in light of investor recognition that the gender pay gap reflects a failure to promote women to, or hire them for, jobs with more responsibility that are higher paying. [3] Since 2015, more than 60 companies have received shareholder proposals on their gender pay gap.