The stats don’t lie – despite our best intentions, be they real or wishful women still aren’t getting paid the same as their male counterparts. Put bluntly, it means women are not getting paid fairly. Sharryn Jackson MP (member for Hasluck, WA) is promoting a report that outlines why the pay gap is a huge cost to the economy, and is “pleased that business has acknowledged the link between productivity and pay equity." Some important stats from the article include:
- Women earn on average 16% less than men.
- Women comprise only 7% of executives in ASX 200 companies, even though women account for 42% of the total workforce.
- Plain old sex discrimination accounts for 35% of the gap.
- Occupational and industry segregation where the differences in types of occupations and industries in which men and women work, together account for 28% of the gap.
Read the full article and download the report here. Wondering if you should? If you employ people, here is just a snippet of the report:
“Introducing more flexible arrangements for childcare and parenting responsibilities could boost national economic activity by up to 9% the report said. The persistence of the gender pay gap in Australia results in a serious misallocation of resources across the economy and costs the country in growth and competitiveness. Closing the gender pay gap would result in greater competitiveness and economic output as:
- Workers would be better matched to their capabilities;
- Companies would reduce costs through lower turnover rates; and
- Individuals with the best skills and firm-specific knowledge would remain with the company."