What is the gender pay gap?

The gender pay gap refers to the difference in pay between men and women in the workplace, typically calculated as a percentage. It reflects the historical disparity in compensation between genders.

Why does the gender pay gap exist?

The gender pay gap exists for various reasons, including gender stereotypes and biases influencing hiring and promotion decisions, caregiving responsibilities falling disproportionately on women, and societal and cultural norms perpetuating inequality.

Can you provide examples and statistics related to the gender pay gap?

Certainly, here are some statistics related to the gender pay gap:

• In 2022, women ages 25 to 34 earned around 92 cents for every dollar earned by men in that age group.
• The overall pay gap for workers in all age groups was 18 cents.
• Men are more likely to hold higher management roles compared to women, with 28% of men and 21% of women reporting to be in these positions.
• Women are also less likely than men to aim for higher-ranking roles, with 46% of women compared to 37% of men reporting less inclination for these positions.

How can companies with a global workforce address the gender pay gap?

For companies with global operations, addressing the gender pay gap can be complex due to cultural norms and labour market variations. Payment execution platforms and data analysis can help identify pay disparities and guide strategies for achieving gender pay equality across the organization. Investors and stakeholders are increasingly demanding that companies report progress in gender equality efforts.

The gender pay gap is a significant issue that requires ongoing efforts to achieve equity in the workplace.