Intersectionality is crucial in understanding the multidimensional nature of the gender pay gap, with race and ethnicity playing a significant role in disparities at the executive level.
Efforts towards job architecture, removal of degree requirements, and pay transparency laws are potential steps organizations can take to address the gender pay gap.
Deep dives
Gender Pay Gaps in the UK and US
In the UK, gender pay gaps are measured by the day on which women stop being paid compared to men, while in the US, it is the day women catch up to men's earnings from the previous year. The gender pay gap in the UK is currently at 10.7% for full-time workers, with slow but steady progress being made over the past 20 years. In the US, the controlled pay gap shows that women earn 99 cents for every dollar earned by men, while the uncontrolled pay gap reveals that women earn 83 cents for every dollar earned by men.
Intersectionality and the Gender Pay Gap
Race and ethnicity play a significant role in the gender pay gap. In the US, American Indian and Native Alaskan women have the widest pay gap, while Hispanic and Black women face disparities at the executive level. Intersectionality is crucial in understanding the multidimensional nature of the pay gap. Additionally, the UK has a voluntary gender pay gap reporting scheme, with proposals for mandatory reporting of ethnicity and disability pay gaps. However, achieving accurate reporting and analysis for intersectionality can be challenging due to diverse categorizations across countries.
Outlook for 2024 and Recommendations
The outlook for significant change in gender pay gaps in 2024 is uncertain. Factors such as economic conditions, politicization, and competing priorities may hinder progress. However, efforts towards job architecture, removal of degree requirements, and pay transparency laws are potential steps organizations can take to address the gender pay gap. Measuring pay gaps within an organization is crucial to understanding the problem and implementing effective solutions.
Vicki, Liz, and Ruth discuss the gender pay gap -- what it is and how it's looking for next year. Is your organization taking necessary action to close the gap?
In this episode, we're peering into the future—2024, to be exact—to predict what changes lie ahead for the gender pay gap. Our guests, Vicky Peakman and Liz Sheffield, will be breaking down the factors that could impact who earns what, exploring everything from how workplaces are evolving to new policies on the horizon.
Join us for this chat as we talk about the possibilities, making sense of what the working world might look like in just a few years and how we can bridge the gap together!
Key Takeaways:
Looking at potential predictions in the year 2024 on gender pay gaps.
Setting your intentions straight
The mean pay gap for full-time workers.
Examining the uncontrolled pay gap versus the controlled pay gap.
How will the gender pay gap evolve throughout the next year?
Exploring how the pay gap reached its lowest amount during the pandemic.
Do women of different races experience varying impacts from the gender pay gap?