Mind the gender pay gap
There’s a big, wide, ugly gap out there.
And we think it’s time to close it.
Shocking data
At the same time the internet is raging!
1 in 4 Europeans believe that the pay gap does not exist.
So we start to wonder
Do we know
what
gender
pay gap
really
is?
Gender Pay Gap vs. Equal Pay
The gender pay gap is the average earnings difference between men and women across a workforce, influenced by factors like job type and hours worked, unlike 'equal pay' which means men and women being paid the same for the same work.
Why is
there
a gap?
Claudia Goldin is the winner of the 2024 Nobel Prize for Economics. She studied 200 years’ worth of data from the US to track the origins of the gender pay gap and this is what she found.
No wonder…
in the EU Only 8% of CEOs in large listed companies are women.
But this is not the only reason you (women, companies, men) should care… Closing the gender pay gap would benefit not only women and families but also businesses.
Benefits for companies
Boosted Profitability
Firms with more women in top roles enjoy a 25% greater chance of financial success.
Strategic Shift
Women in the C-suite drive a focus on innovative R&D and lower risk strategies.
Peak Performance
Companies with a balanced mix of men and women achieve superior market performance.
Benefits for women
and families
Economic Empowerment
Higher salaries boost women's economic power, allowing for independent financial choices and stronger family finances.
Secure Retirement
Higher average salaries can help close the retirement gap (women pensioners in Europe receive 29% less than men), cutting poverty risk later in life.
Leadership and Role Models
Equal leadership roles create more female mentors, inspiring future generations and advancing gender equality in the workplace.
What can be done
5 steps every
employer can take to close the gender pay gap.
Flexible working
Don’t penalise staff for flexible working. Focus on results, not hours, for fair pay.
38%
mothers say lack of flexibility is a reason to quit or cut hours.
Paternity leave
Encourage and support men to take parental leave to balance the career impacts.
20%
of Spanish fathers don’t take their paternity
leave.
Empower managers to lead effectively
Train managers in diversity equity and inclusion (DEI), and make it a key performance criteria for everyone.
28%
of managers say their company recognizes DEI in performance reviews.
Track women’s representation
Do you have equal representation at every level? Set goals for a gender-balanced workforce, especially in the top roles.
34%
of managers in the EU are women 50% of the workforce are women.
Address microaggressions*
Sexism isn’t always obvious or intentional. Train staff to recognize and challenge subtle discrimination.
* Microaggressions are subtle, often unintentional acts or comments that reflect bias against marginalized groups, causing harm and alienation.
3x
more likely Women are facing microaggressions and 4x more likely consider quitting and are prone to burnout.
