We live in a world where opportunities for women have unleashed more than ever. Women are realizing their true potential, grabbing opportunities and opening doors of financial independence themselves. The situation may not be the best and there is definitely room for improvement. The current times being way better compared to when Indra Nooyi started her career or when Indira Gandhi was the Prime Minister. A key component of being independent is handling your finances. The gender pay gap measures the overall earnings of men and women. It shows an organization, or the country, or the world on where they truly stand. It is different from unequal pay as it takes the earnings of all men and women into consideration irrespective of their designation and specialization.
The Global Gender Gap Report 2020
According to the Global Gender Gap Report 2020 of the World Economic Forum, there is still a 31.4% average gender gap that remains to be closed globally. On a slightly positive note, globally the gender pay gap is lower than before. Compared to last year, 101 out of the 149 countries that are a part of both the report have shown a lesser gender gap.
We are improving globally but is this pace good enough? According to the same report, the slow speed at which the gender pay gap is reducing over the period 2006–2020, it will take 257 years to close this gap.
According to the Global Gender Gap Report 2020 of the World Economic Forum, there is still a 31.4% average gender gap that remains to be closed globally.
Where does India stand?
According to the Global Gender Gap Report 2020, out of the 153 countries studied, India ranks 112 for the overall gender pay gap. Unfortunately, the gender gap has gotten deep and is running significantly wider.
When it comes to the gender pay gap, India faces complex challenges and hurdles. Most of them being associated with socio-economic conditions. It starts from when girl children are dropped out of school early or kept out completely. Many women who manage to complete their education are not allowed to work by their families. Many women also are unable to join the workforce back after maternity leave. Many females opt-out of jobs that require long working hours or night shifts due to pressure from their families or safety concerns. These factors hold women back to perform to their fullest, causing the overall gender pay gap to widen.
What can we do about gender pay?
India’s stigma against women working is what is holding it back. Below are some practices that may help your organization to eliminate the gender pay gap –
- Conduct analysis within your organization to ensure wage parity amongst all employees.
- Keep a check on your unconscious biases that are associated with women.
- Have a diversified workforce from the top level of management to the bottom one. Ensuring there is an adequate representation of women in every tier of your organization.