28$ Trillion Business Case
Timmy Lundin
I help clients becoming compliant with the EU Pay Transparency Directive ??
Gender equality is hot sauce at the moment.??Pay equity laws and pay transparency legislation are on the political agenda all over Europe, USA, Australia, Canada, New Zeeland, etc.?
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Which is great! Gender equality has been around far too long and it’s not that difficult to solve to be frank. All the ingredients to solve the issue is right in front of us:?
- master data (most companies has the basics that’s needed to analyze the issues)???
- Modern and user-friendly Software (Sysarb is your friend)???
- The will to do it (well, here’s the issue…)????
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Most management has STILL not understood that you will MAKE money by REDUCING the pay inequalities.????
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Mckinsey says that we could add 28$ trillions to the world economy by removing the gender pay gap. Thats more than the size of US BNP. Think about that.???
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That’s why we need new laws and regulations (like the EU pay transparency directive), so management gets the point of eliminating the gender pay gap.??
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By 2035, I highly believe that the discussion of gender pay gaps will probably be old news in the western world. Gender Pay Gaps in Muslim dominated countries will probably be around though for a substantial time … but that's another topic.?
But we are not that far way for solving it in the western world. Where the big issues are found (according to me) are with the ethnicity pay gaps.
What you can’t measure you can’t solve. Since we are lacking one of 3 main ingredients (data) on the topic, we can’t solve it except for in some countries where we do have data and laws enabling analytics and improvement.?
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And the will to solve it are way lower compare to the gender pay gap that has been a hot topic for decades. I have almost never head anybody complaining, writing or even mentioning the ethnicity pay gap. (At least not in Europe).?
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So, here’s my bet. By 2035 Gender Pay Gaps will be old news and focus will shift to ethnicity based pay gaps (and pay gapes within the LTBQ community. Lets through that in there as well).
What’s your thoughts??
Have a blessed day and christmas! ??
/Timmy?
Helping clients become compliant with the EU Pay Transparency Directive ??
11 个月Very interesting Timmy, thanks for sharing. It's easy to miss the big picture, while focusing on one (very important)problem. Unfair pay gaps should be adressed in all areas, and hopefully we'll soon see EU directives addressing other problems like ethnic pay gaps too!
Building startup compensation practices ?? Compensation Philosophy + Job levels + Salary bands.
11 个月Good article, nice write up. I think you're 100% right that the will to solve it (despite the evidence showing the positive impacts) is the primary reason we haven't seen the needle shift materially. Like remote work, 4 day work weeks etc. we'll see the first movers/ adopters benefit while the majority of laggards don't notice lack of benefit because many of their competitors likely aren't doing it either. Unfortunately social pressure is what its resorting to, and in Feb 2024 in Aus we'll see the company gender pay gaps published. I hope this starts to really address the issue by creating it as a point of discussion at interview stages and in town halls across the country.
I help business owners scale their People & Organisational operations ??
11 个月I've always been a bit bothered about the "gender pay gap". However, I'm not neglecting that it doesn't exist, because it does. But for me it's just Pay Gap. Equal work for equal pay - no matter if it's gender, ethnicity, religious belief, sexual orientation or simply - man to man or woman to woman. The new EU regulation will help for the Gender Pay Gap, but it is just focusing on gender, which means we eventually need to specifically address the other discrimination grounds as well.
I help founders build revenue growth, audience & personal brand ?? From 0 → $30M ARR | Startup & GTM Advisor & Builder ?? ex-LinkedIn & ex-Remote ?? | Founder: Huntrs
11 个月Interesting Timmy, thanks for sharing