The gender pay gap hurts everyone – and it’s everyone’s problem to solve

Lost wages due to the gender pay gap mean that women have to work harder and to earn the same amount as their male counterparts, in order to have enough money to support themselves and their families, spend on goods and services, and save and invest for the future.?

Bottom line? This means women, families, businesses and economies suffer as a result.

Accounting firm 普华永道 estimates that closing the gap would increase women’s earnings by US$2 trillion, and increase gross domestic product (GDP) of economies by US$6 trillion. On International Women's Day, we’re shining the light on the fact that the gender pay gap is a problem that hurts everyone, and it’s therefore everyone’s problem to solve.?

There are a number of drivers to consider, including the fact that women:

• Are underrepresented in leadership and management positions
• Work fewer hours, due to lack of opportunity and/or child care
• Take time out of the workforce to care for family members
• Have less education for certain high-paid jobs, such as roles in STEM (science, tech, engineering & maths)?
• Get stereotyped into “female” jobs that pay less than roles in male-dominated industries

How much was the gender pay gap in 2022?

The rate varies depending on your location, age, industry, income, education and other demographic factors. However the International Labour Organization (ILO) estimates that across the globe, women are paid about 20% less than men on average.?

For every $1 for men, women are paid…?

???? United Kingdom $0.86

???? United States $0.83

???? Australia $0.85?

???? Poland $0.91

???? Philippines $0.77

?? Global average $0.80

Source: OECD data for UK, US, AU & PL,? Asian Development Bank data for PH, ILO data for global average

The real question – what can we do about it?

Noting that the gender pay gap isn’t the same as pay equity (which is the legal obligation for employers to give men and women the same pay if they perform the same work), there are a few actions the business community can take to help work towards balance.

At Finder, we’re committed to striving towards gender pay parity.

“The gap is actually what I’m really interested in and what more we can be doing at a societal level with our voice and our megaphone, as a company, to try and address some of these issues.

My firm commitment is to work towards a world where there is strong equal representation across all levels. Education is really at the heart of this for me, and I want to think what more we could be doing to break down some of those barriers."

Frank Restuccia - CEO & Founder, Finder

We’ve identified the following building blocks for bridging the gap:

• A robust and award-winning parental leave policy that offers 5 months of flexible parental leave for both primary and secondary caregivers).
• Super/Pension/401k paid on all parental leave, to ensure parents aren’t penalised for stepping out of the workforce.
• A global gender pay gap and equity audit, with adjustments implemented by July 1, 2023.
• A flexible life leave policy that delivers 5 days off per year in addition to annual leave entitlements, allowing both primary and secondary caregivers to take equal responsibility for caregiving.
• Inclusive recruitment practices, which include genuine flexible working options for crew

As a society-wide problem, closing the gender pay gap requires everyone to take a leading role in. Male allies can contribute by taking equal responsibility for child and elder care; getting involved with your local DEIB working group; and supporting and championing your women colleagues by giving credit where credit is due, ensuring all have a chance to speak and ensuring admin tasks are evenly distributed.

If you really want to put your money where your mouth is, men can also consider paying into your partner’s super/401K/pension. Women retire with far less retirement income, and taking time out of the workforce to care for children is the main driver of this. In Australia, you can pay into your partner’s super account to help even things out and take small but crucial steps towards a more financially equal society.?

#iwd #iwd2023 #internationalwomensday #embraceequity