It’s National Women’s Equality Day, a historic day in the fight for women’s equality.
On this day in 1920, the US government passed the Nineteenth Amendment.
The amendment prevented barring local and national governments from denying the right to vote in elections based on gender.
In honor of this achievement, we’re taking a look at gender equality in the workplace and practices businesses can adopt today.
Despite many strides by women made in the business world over the past 50 years, women in the workforce still aren’t equal. According to payscale.com, in 2019, women earn 79 cents for every dollar that is made by a man. The term for this discrepancy in pay is defined as the uncontrolled wage gap.
Women are less likely to hold high-level, high-paying jobs than men.
Opportunity gap is the organizational structural barriers that keep women from advancing in the workplace.
There is good news, in any case. Women now make 98 cents for every dollar when the environment of the study is defined and controlled. Factors such as years of experience and education, job title, industry, and location make the percentage look much better.
Women are also more likely to earn bachelor degrees by the time they are 29. The top companies in the United States, according to the Fortune 500 list, are only led by women 6.6% of the time.
It pays to invest in women: companies who rank high in gender diversity are 15% more likely to outperform output averages in profits.
Equal opportunity, access to decision-making positions, and equal pay are three essential components of gender equality. To learn more about how your business can adopt gender diversity practices today, and hear six lessons from lady bosses read with this article by Fundera, “How to Promote Gender Equality in the Workplace: Lessons from Lady Bosses.”
The following visual was created by Fundera.
This blog was written by Linda Rawson, who is the founder of DynaGrace Enterprises (dynagrace.com) and the inventor of WeatherEgg (weatheregg.com). She, along with her daughter, Jennifer Remund make up the mother-daughter duo of 2BizChicks (2Bizchicks.com). For further information, please connect with Linda on LinkedIn, or contact her at (800) 676-0058 ext 101.