Analytics-led approach | Seeking a compensation strategy that drives productivity & profitability? You cannot neglect pay equity

International Women’s Day on 8 March and US Equal Pay Day on 12 March were timely reminders of the work that still needs to be done to eradicate the gender pay gap.

At this stage, we should be aware of the need to eliminate the structural barriers that cause the gender pay gap to persist. Creating an environment where all employees, regardless of gender, have the chance to thrive is now a standard goal and objective shared by enterprises big and small.

So, why is progress so slow? Research from the Trade Union Congress finds the gender pay gap is currently 14.3%, and predicts that at the current rate of progress, it will take 20 years – until 2044 – to close the gender pay gap.

Moreover, some industries are more badly affected than others. A 2022 study from Brightmine found that 98% of organisations in the finance sector reported a pay gap in favour of men, compared with 88% across all industries.