The gender pay gap has been one of the most talked about issues of the past year – and rightly so.
According to data from the Bureau of Labor Statistics, women make only $.78 cents for every dollar that men make.
I think almost everyone can agree that this statistic is not just concerning, but something that needs to be fixed NOW. But that’s one thing to say, and another thing to make happen – especially for larger corporate infrastructures where change never comes quickly.
So, what real, tangible steps can an organization take to avoid the gender pay gap?
That’s the question this recent Inc. article asks – and I believe the answers it comes to are relevant to us all. It starts with some deeper numbers that provide context to the pay gap conversation:
…big companies, including Starbucks and Salesforce, have acknowledged gender pay gaps and have taken concrete steps to eliminate them. This has benefits beyond good PR: Companies that prioritize pay equity are seeing worker productivity increase 19 percent above industry averages, according to Aptitude Research Partners, while employees who perceive a pay gap are 16 percent more likely to leave their companies, according to a 2017 CEB/Gartner survey.
The article then goes on to outline specific steps that can be taken to find a solution in your organization. Here’s the executive summary without any of the details that you should DEFINITELY read.
- Start with a pay audit.
- Always be transparent.
- Check your promotions.
- Do it again.
Again, these are the steps without any of the helpful background rationale. Read the article, and start making gender pay gaps a thing of the past.