International Equal Pay Day is here, a day dedicated to championing equal pay for equal work and tackling the persistent gender pay gap. This global observance shines a spotlight on the ongoing struggle for fairness in wages and urges action to close the pay divide that affects women worldwide. Established by the United Nations in 2019, the day aims to draw attention to these disparities and inspire change. Despite progress in narrowing the pay gap—68.4% closed as of the latest WEF 2023 reports—genuine parity is still far off. At the current pace, it will take an estimated 257 years to fully close the global gender pay gap.
Why We Celebrate
Despite advances in many areas, the gender pay gap remains a stubborn issue. Women around the globe continue to earn less than men for doing the same job, with the gap averaging around 20% globally. This means women are, on average, paid only 77 cents for every dollar earned by men. In some places, like the United States, women’s earnings lag even further behind, with minority women facing an even larger gap. For instance, Hispanic women earn just 57% of what white men make.
This disparity isn’t just a numbers game—it has real-life implications. For decades, women have lost out on significant earnings, leading to lower lifetime savings and economic insecurity. In the U.S. alone, women have collectively lost over $61 trillion in wages since 1967. This gap extends beyond individual impact, affecting entire families and communities.
Understanding the Gap
The gender pay gap is rooted in various complex and systemic issues:
Discrimination and Bias: Women often face unequal treatment during hiring, performance reviews, and promotions.
Caregiving Expectations: Societal norms often place a greater caregiving burden on women, affecting their career advancement.
Occupational Segregation: Women and men are funneled into different types of jobs, with traditionally female roles often undervalued.
Negotiation Dynamics: Differences in salary negotiation strategies and responses can also contribute to wage disparities.
Take Action
So, how can we make a difference? Here are some actionable steps:
Promote Diversity in Leadership: Encourage and support women in reaching leadership roles where pay is typically higher.
Conduct Equity Analyses: Regularly review hiring, promotion, and salary practices to ensure fairness.
Raise Awareness: Use International Equal Pay Day as an opportunity to educate others about the gender pay gap and advocate for change.
At Williams, McClernan & Stack, an all-women-owned business that values and promotes gender equality, we are committed to ensuring that our team is compensated fairly for their outstanding work. We understand that true equality goes beyond words—it's about taking concrete actions to support and uplift one another.
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