March 24th is Equal Pay Day, which aims to bring awareness to the pay gap in America. This specific date acknowledges the issue, as it represents the number of days into the year that women must work through in order to earn as much as men did the year prior. In order to raise additional awareness of the pay gap, we’re spotlighting three stats that you need to know and why it’s important that every business implement solutions that help close the gap.
#1 – As of 2020, women only make $0.81 to every dollar that a man earns.
In the last five years, that number has increased $0.07, showing some progress, but at a very slow rate. It is estimated that equal pay will not be reached until 2059, according to The Institute for Women’s Policy Research.
#2 – The gender pay gap widens for people of color, as well as women in senior positions.
According to research by PayScale.com, American Indian, Alaska Native, Black and Hispanic women earn 25% less than white men. Additionally, as women progress in their careers, particularly those who work at the executive level, the pay gap widens significantly where women earn $0.69 to their male executive counterparts.
#3 – Women ask for raises and promotions as often as men, but women have a 15% success rate, while men have a 20% success rate.
There are common misconceptions that women ask for raises and promotions less over fear of upsetting relationships within the workplace. Studies have found this to be false, and that women ask for promotions at the same rate as men, but are 5% less successful, which causes uneven gender representation in leadership positions.
Every business, regardless of industry or size, should proactively review and evaluate salary and benefit packages to ensure there are zero gaps in compensation that can’t be credibly explained. By taking this approach, we can all work together to continue decreasing the gender pay gap. To learn more about Work Shield’s solutions to provide safe reporting and a more equitable workplace, contact us here.
About Corrrigan Brown
Corrigan is part of the Work Shield sales team. Her interest in becoming part of the team is rooted in her belief that workplaces should feel safe and comfortable for employees. She sees Work Shield as the perfect platform for employees to be able to voice concerns, knowing their input could lead to the betterment of their workplace culture as a whole.
Connect with Corrigan on LinkedIn.