With International Women’s Day around the corner, suddenly there are more conversations around women and their rights. True, the day is meant to focus on subjects pertaining to women, including gender equality, reproductive rights, and violence against women. However, there are gaps, or rather, chasms in terms of the mismatch between the goals that are much talked about and ultimately achieved. In the corporate world, such a gap continues to exist in gender pay. Unfortunately, some of the recent survey reports reflect the hopelessness that has set in among working women, globally, regarding the same.
Most women do not see any likelihood of the gender pay gap being bridged in the next one decade. Over 50 per cent feel that the gender pay gap will take five decades to close. Alarming indeed! About 28 per cent do not expect the pay gap to close in the next five years, while 17 per cent don’t see it happening in 10 years. A small percentage (nine per cent) think it very unlikely for the gender pay gap to close in the next 25 years, while eight per cent think that even 50 years isn’t enough to close the gender pay gap. Then there are about nine per cent that have given up all hope, for they do not think the gap will close EVER!
Is there any hope?
The success rate of countries in closing the pay gap has not been worth mentioning. Although measures have been adopted by the countries, employers and industries of the world in varying degrees to bridge the gap, women are far from satisfied with them. Only about 36 per cent women are satisfied with the steps taken by their employers in this direction, while only 25 per cent are satisfied with the actions taken by their industry. An even lower percentage (16 per cent) is satisfied with the actions taken by their country to close the gender pay gap.
This certainly speaks volumes about the lack of commitment and seriousness on the part of employers and governments in working to close the gender gap.
The Future of Women in the Workplace report further corroborates this fact. As per the findings of the report, women, worldwide, have been struggling to be paid what they deserve. In fact, 82 per cent of women across the world consider pay for value a very important issue. About 56 per cent of women, globally, admit they are not paid enough, while 57 per cent feel their total compensation is way too low.
More than 50 per cent of the women surveyed say their base salary is not adequate. The highest proportion of women who feel this way is in France, and the lowest in India.
While 43 per cent of women professionals in India say they are not paid enough, 56 per cent of women in Australia feel the same way, 73 per cent in France, 65 per cent in Canada, 50 per cent in the US and 59 per cent in Singapore.
Only 48 per cent of women in India feel they are paid the right amount. The figure is lower for Australia, at 44 per cent, even lower for the US at 42 per cent, followed by Singapore (33 per cent), Italy (32 per cent) and Canada (31 per cent).
A mere six per cent Indian women say they are paid too much, while in Australia only five per cent share the same feeling.
But not all women have lost hope. About 54 per cent of women surveyed believe the gender pay gap will close in the next 50 years. This feeling of hope is rather high among respondents in India, with a whopping 71 per cent optimistic about this. About 64 per cent women in the Netherlands and 60 per cent in Australia share the same optimism.
It is high time governments and employers went beyond debates and discussions. A special day of celebration on 8 March is not what women are looking forward to. Putting off focusing on closing gender pay gap till the next International Women’s Day will not do either. Employers and governments need to act, now!
