'Pay Parity' & 'Gender Diversity'
Pay parity is a serious concern in India and other parts of the globe too. Have a look at this data from wage gap report that highlights how in the US, a woman needs to earn one additional degree to earn the same as a man. You can check this video for easy understanding.
Condition is similar in India as well. Just look at the stats below:
Source: Recent Monster Salary Index Survey
Just watch, what is the opinion of experts on what are the reasons behind this widening wage gap in India: https://youtu.be/84jd3YNEhWU
“According to the Observer, just 11% of executive positions in the companies in Silicon Valley are held by women.”
No doubt, such a pay gap is one of the foremost contributors to inequality and lack of diversity in workplaces. And sadly this diversity causes much harm to the companies.
Low diversity in managerial roles and overall too adversely affects a company's potential value and growth. Whereas higher diversity like in the board of directors improves its functioning in the following ways:
- Better monitoring: In supervision, women have much more dedication, hard-working nature and promptness to handle and manage things.
- Enhance creativity by multiplying viewpoints.
- Women tend to have more patience and convincing power than their male counterparts.
- Women are generally observed to get more acceptance and good response in the business pitches. They also add good points to the face value of the organisation.
- Women are very good problem-solvers because their perspective is based on both I.Q. and E.Q. Being soft-hearted and caring by default, they help to understand the pain-points of situations in a much better way.
- For increasing competence: Male employees will be challenged that they need to keep proving their worth else they can be anytime replaced by better skilled female employees.
"To sum up, pay parity can definitely boost gender diversity and chances of success for your organisation"
Read more in the next article: 'Causes of Pay Disparity - I'
Note: The views in the article are personal and do not necessarily reflect the views of my employer.