![]() Sixty percent of North American organizations are addressing pay equity in their workplaces, according to the The gender and racial pay gaps can be addressed through commitment to pay equity with continuous analysis and monitoring, Holt said, as "2021 is the year compensation strategy will make or break businesses." She added that adhering to a consistent pay strategy, "particularly with transparency, will raise employee engagement by ensuring equitable pay for all employees and close the gender and racial pay gaps." Only 22 percent of employers surveyed said that compensation is part of their DE&I strategy.Hispanic women had the largest at 71 cents. Among workers who were laid off and found other work, Black women had the second largest uncontrolled pay gap, 73 cents, compared to other groups of women.Black women make 97 cents for every $1 white men with the same qualifications make, while Hispanic women make roughly 98 cents.When looking at controlled pay data and diversity, equity and inclusion (DE&I) factors, the survey found the following: Women in most demographic groups earn less than men earn even when controlling for differences in compensable factors, PayScale reported. "This means ensuring pay equity is continuously assessed at every job offer, promotion and merit-increase cycle for any role across the organization." "Employers must put pay equity at the forefront of their compensation strategy if they want to avoid turnover down the road, as well as potential legal repercussions," Holt said. ![]() Many women work in occupations that have been heavily impacted by the pandemic, such as health care practitioners, health care support workers, educators, and jobs in the food-preparation and services industries, and they often work lower-paid positions in these occupations. For instance, women who were laid off and then return to work earn 77 cents for every $1 earned by men who were laid off, "suggesting that women see much higher unemployment penalties than men, which is consistent with previous research." Now, "as women return to the workforce, they may experience wage penalties that will widen the pay gap in subsequent years," PayScale's latest report noted. Women remain 2.8 percentage points below their November 2019 labor force participation rate, according to a February report from the Federal Reserve Bank of Minneapolis. women dropped out of the labor force since the pandemic hit hard in March 2020. Women, for instance, are more likely to be unemployed due to the COVID-19 pandemic, in no small measure because of family caregiving responsibilities and school closures.ģ million U.S. In 2021, this will affect women and people of color the most due to statistically higher unemployment. Previous research by PayScale showed that people who are unemployed when they get a job offer incur a 4 percent wage penalty, and those who are unemployed for a year or longer receive a 7.3 percent wage penalty. "There are technology and services available today that make data-driven pay equity achievable for every organization." "Businesses have a moral and legal responsibility to invest in ongoing pay equity analysis and monitoring to close pay gaps," said Shelly Holt, chief people officer at PayScale. While 2 cents per dollar may seem small, when a 2 percent difference in pay is compounded over the course of a career, it adds up to women taking home significantly less pay than their male peers. When controlling for factors such as job title, years of experience and location, PayScale found that women make 98 cents for every $1 that men earn, a decrease of 1 cent since 2015. Those findings were compared with responses from earlier PayScale surveys. The uncontrolled gender pay gap, which compares the median earnings of women to men without allowing for various compensable factors, has fallen by 7 cents since 2015, the firm reported, based on responses from nearly 1.6 million people surveyed between January 2018 and January 2020. That's the date that represents how far into 2021 women have to work to earn what men earned by the end of 2020. State of the Gender Pay Gap report, released March 24 in recognition of Equal Pay Day. In 2021, women earn 82 cents for every $1 men earn when comparing all women to all men, according to compensation data and software firm PayScale's annual ![]() has decreased only slightly in recent years, new research shows.
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