EQUAL PAY DAY: What employees and companies need to know to close the gender pay gap once and for all
- March 24 is Equal
PayDay, a day that's meant to bring awareness to the gender wage gap.
- It will take 257 years to close this gap, according to the World Economic Forum.
- Insider compiled a list of resources to help companies and employees make progress toward parity.
Today is Equal Pay Day.
It symbolizes how many days into the new year a woman would have to work to earn the same amount of money as a man in 2020, according to the Equal Pay Today campaign.So far, progress toward parity in the US has been slow. It will take 257 years to close the gender pay gap, according to research from the World Economic Forum.
Understanding the gender pay gap
As of 2019, women who are working full-time jobs year-round earn 82.3 cents for every dollar that men make. They're paid 17.7% less than their male colleagues, Insider previously reported. Black and Hispanic women face even bigger disparities, earning 61% and 53% of what white men are paid.Read more: Working women are still being disproportionately hurt by the pandemic recession
8 charts that show the glaring gap between men's and women's salaries in the US The pandemic has been especially brutal for women striving to be executives
Negotiating for higher pay
Women should negotiate for higher
Workplace strategist Erica Keswin, for example, provided the exact email template for requesting salary information from people in your industry. Other job coaches recommended you do a substantial amount of job market research before approaching HR for a raise.Read more: Here's how to find out if you're underpaid at work, and the exact script to use when asking your boss for a salary increase
Promoting and supporting women at workIt's time to address the systemic barriers, like microaggressions and subtle biases, that hold women back at work.
Companies need to be deliberate about addressing the invisible walls that keep women from advancing in their
While being intentional about promoting women into leadership roles, employers should also acknowledge the extra burdens working women are experiencing during the pandemic. Prioritizing inclusive practices, allyship training, and career mentorship opportunities in the office are among the strategies that employers can take to better support their women.Read more: We need more women in the C-suite. It won't happen on its own
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