Closing the gender wage gap will be better for everyone.
It’s not just a women’s issue. Find out about the impact of the wage gap and why it is something all businesses should be trying to eliminate.
#metoo is on everyone’s lips and Twitter feeds, and women are becoming increasingly vocal asking for equal rights in the workplace. Celebrities brought the gender wage gap to the limelight when four-time Oscar nominee Michelle Williams was reportedly paid less than 1000 dollars for reshoots, while her co-star Mark Wahlberg made 1.5 million. In 2018 we would hope that gender inequality and unequal pay were a thing of the past. However, unfortunately, that’s just not true. Official figures show that women earn only 77% of what their male counterparts make when doing a similar job.
Obviously, closing the gender pay gap would be hugely beneficial for everyone:
- The most important point is that many women would be raised out of poverty. Bringing fair salaries at home is beneficial for the economy of families in general, but specially for those who are just run by single mothers. Also, research has proven that educated women help to break the cycle of poverty by raising more educated and healthy children which in turn helps generally improve the economy of a country.
- Additionally, allowing women to take more leadership posts is good for business. Companies which have more women in top management positions often achieve better results because having women at the top provides a range of different views on problems. These companies have also often shown to earn higher profits and get better returns on equity.
Thankfully, there are some countries which see the value of closing the gender pay gap for all their inhabitants and are making a concerted effort to reduce it.. Mexico, Japan and Turkey have joined the gender parity group and have promised to reduce the wage gap by ten percent in three years. Currently, they are taking huge steps towards building an equal future by launching task forces to keep a repository of successful actions which has reduced gender pay gaps and implement them on a larger scale.
The gender pay gap will close only if we make a concerted effort to close it. We are the new generation of leaders and CEOs so it is in our hands to change this mentality that continues to be a big issue for achieving women’s autonomy. Remember: It is not just in the best interest of women but in the best interest of everyone. We invite you to fight for a change and make the world a fairer global place!