For generations, women have been widely underrepresented in the pay cheque department and, unfortunately, still a lot more needs to be done. Achieving equality has been a challenge women have faced for decades – working hard to break the glass ceiling.
Equal Pay Day (10 November) is a symbolic day dedicated to raising awareness and understanding on the necessity of paying men and women equally.
Although significant changes have been made to diminish the pay gap, a recent study has revealed women will have to wait more than two centuries to get equality. We’ll let that sink in for a moment.
Yes, according to the World Economic Forum, it will take 217 years for the differences in pay and employment to reach equality. This has risen from the original estimate of 170 years from only a year ago. It makes you wonder what has changed so significantly in the last year for this increase.
Equal Pay Day usually moves throughout the year, marking the day which women basically stop earning money based on the gender pay gap. This year’s Equal Pay Day has not moved since last year, simply because so little progress has been made over the last year. There is still much more that needs to be done to reach pay equality between men and women.
For example, in the UK only 28 per cent of the top business people are women – meaning women are still in the minority, even at the top. A slight positive is the pay gap is falling going from 9.4 per cent to 9.1 per cent this year.
Clearly, there is still a lot of work that needs to be done but as of April this year, any UK business with at least 250 employees must publish the differences between gender pay in the next 12 months. Publishing the differences might be the first step to push businesses to consider their payment strategies.
When it comes to gender pay, more work and awareness needs to be done to achieve equality. It is disheartening to think that we are still decades away but with more understanding, changes can be made.