Equal pay for equal workLaws forcing employers to reveal the gender pay gap in their workforce, which og into force equzl Thursday, could do more to reduce the earnings gulf between men and women than four decades of effects of equal pay legislation, according to employment experts. Equual of employers will effects of equal pay to record their gender pay gap figures for the first time and will have to publish their first figures before April next year. The rules — which will be enforced by the Equality and Human Rights Commission — require companies who employ more effects of equal pay people to provide data about their pay efcects, the proportion of male and female employees in different pay bands, their gender bonus gap, and a breakdown of how many women and men get a bonus. The legislation will affect around 9, companies, who collectively employing more than 15 million people. But new research suggests many UK employers are unprepared for the change, with fewer than crazy bulk voucher codes saying they have sufficient salary information. More than a third were failing to review salaries to guard against gender discrimination.
Gender pay gap law could have significant impact, say experts | Society | The Guardian
The All England club in London took a bold and unprecedented step offering men and women equal championship earnings. Still in , it's frustrating to note that the workplace has not yet followed suit. Gender discrimination tarnishes us all. If you're a woman, whether in the public or private sector, you are likely to be paid less than your male counterpart.
Women's access to higher education has eased this pay disparity somewhat, but the Center for American Progress insists that women would need a doctoral degree to earn the same as men with a bachelor's degree. Aside from fairness issues, gender pay discrimination is not economically healthy because companies are better off when they have more women in management roles.
CNBC quotes a survey by Catalyst showing that company boards made up of 19 to 44 percent women achieved 26 percent more return on invested capital than those firms with no women board members. It also makes it difficult to recruit women to these high responsibility positions when they know they'll be paid less than their male counterparts. This data supports the Daily Mail 's view that "The economy is losing billions of pounds because of gender segregation," compounded by the dishonorable fact that "high-flying women in Britain are paid nearly 10 percent less than men doing exactly the same job.
Not because they choose fields that are less lucrative, or have family commitments, but simply because they are female. After removing all other biases, neither education, nor occupational prestige, nor career success seems to protect women from the gender wage gap.
Decades after the Equal Pay Act was passed, it's shameful to read headlines in Forbes that say "there is no denying that women get paid less for doing the same jobs as men. The male chair of the board wouldn't give in to my request for equal pay. I wanted the job badly, so I accepted their terms. A year later, during an industry pay survey, I found out that I'm still getting less than my male counterparts even though my qualifications and work experiences are similar.
The gender pay gap exists even among children, with boys paid more pocket money than girls for doing household chores. Research conducted in Australia confirmed that boys earned 6. Gai McGrath, Westpac's general manager of retail banking, who initiated the study, confirmed that paying girls less pocket money than boys "sends a powerful message that girl's and women's work isn't as valuable as that of boy's.
Are girls, and then women, reluctant to " Lean In " and negotiate for higher pay? The VP for Marketing in a global technology organization explained that this gender discrimination continues because of the secrecy that fills the corridors of power. It has to do with our stock options and bonus plans," he added. Over the past six years, companies with at least some female board representation outperformed those with no women on the board in terms of share price performance.
On four additional financial dimensions: Yet, the significance of gender pay inequity has yet to compel the business world to change, despite the economic imperative. Parity is not only a "women's" issue. It affects us all. It makes no sense to penalize women when the benefit of their leadership to organizations and the economy are clear.
Let's follow the footsteps of Billie Jean King, who fought doggedly for equal prize money for women tennis players around the world. If we want a strong economy, we must act now to ensure that gender discrimination becomes an injustice of the past. This is part of her series of blogs on women and business. Tap here to turn on desktop notifications to get the news sent straight to you. Follow Susan Bloch on Twitter: This Blogger's Books and Other Items from How to Manage in a Flat World: Go to mobile site.