International Equal Pay Day: Women earn 16% less than men – here’s what senior execs are doing to better this

With the goal of closing the gender pay gap once and for all, 18th September marks an international effort to raise awareness of pay inequity across the globe, ultimately striving to achieve equal pay for equal work, everywhere.

Currently, the gender pay gap is estimated to be around 20%, impacting all regions across the globe, according to Forbes. This means, on average, women earn 16% less than men.

Additionally, although there are varying statistics worldwide, women earn approximately 84 cents for every dollar made by men, with women of color being found to be the lowest paid demographic. 

In fact, Black women are paid 64% of what white men are paid. 

Understandably, this impacts women’s entire lives, with only 28% of women worldwide able to enjoy maternity leave, and with women contributing to 65% of those above retirement age without a regular pension.

Although closing the gender pay gap is widely endorsed, actually being able to achieve results has proven to be difficult. 

UNLEASH explores this issue in greater depth, by speaking with four executives from global businesses to understand their thoughts on the gender pay gap, and what they’re doing to make an impact.

“We hold ourselves accountable for pay parity”

For Box’s President of EMEA, Samantha Wessels, it’s important that businesses – especially those in the tech sector – are aware of the issue at hand, and actively work to reduce this disparity within their businesses. 

She explained: “To drive real change, we need to go beyond raising awareness and take concrete steps towards action. 

“At Box we hold ourselves accountable for pay parity, which is why we signed the California Equal Pay Pledge.

I’m proud to work for an organization that also conducts annual companywide gender pay analysis to reduce any unconscious bias and structural barriers to equitable compensation.”

To promote this with Box, the business introduced consistent work assessing job descriptions.

This enables Box to eliminate unconscious bias in language and criteria, and commitment to tracking the internal mobility of underrepresented groups within the business, which is critical to providing the foundations for employees of all backgrounds to thrive.

Learning will help close the gender pay gap

Although there is a clear pay disparity among genders, systemic educational and professional development challenges still exist, which are impacting women, and in many cases, prohibiting them from accessing the same opportunities as men. 

When explaining this, Marni Baker Stein, Chief Content Officer at Coursera, gave the example of growing AI skills across genders – as currently, there is a significant gap.

In fact, recent research from Coursera found that 72% of participants in Gen AI courses globally are male. 

The research also shows that the gender disparity in learning is highest among men aged 28-43, which is also the demographic that represents the largest group engaging with these Coursera’s session.

“On Equal Pay Day, it remains crucial to acknowledge the role that access to skills will play in closing the gender pay gap,” Stein said in a statement.

“By working to close skills gaps of this kind – those that can be linked to the greatest levels of economic opportunity – and promoting flexible, accessible learning for all, we can foster greater female representation in leadership roles. 

Coursera’s will also work to expand the participation of women, with recent data showing that 97% educational leaders agree that micro-credentials improve long-term career prospects.

“These types of alternative learning pathways are key to leveling the playing field for women”, Stein commented.

As AI continues to transform industries, ensuring that women have equal access to these high-demand skills not only helps close the gender pay gap, but also creates more diverse and innovative teams. 

“When women have the right opportunities, they can and will thrive in tech-driven sectors, leading to more inclusive growth and a stronger, more balanced workforce.” 

Equal pay to create winning cultures

For PagerDuty, Equal Pay Day serves as a marker for organizations to review and celebrate how far they have come on the journey to equality, and has thus become a critical part of the fabric of the business’s culture.

PagerDuty’s Chief Diversity Officer, Roshan Kindred shared in a statement, that businesses who move towards a more inclusive, equitable and sustainable future will be better equipped to leverage resources, therefore making a positive impact in the communities they operate in. 

Expanding, she said: “These future leaders approach their work with curiosity and innovation, driving the execution of their business’s vision.

At the heart of a winning culture is a desire to ensure everyone feels valued, respected and empowered to contribute to collective success. Inclusive and engaged teams deliver results that benefit all our stakeholders, from customers and employees to investors. 

“Equal pay is just one manifestation of thoughtful programs and policies that create an environment where top talent can thrive. A culture of fairness, engagement and innovation is how we attract top talent and continue to deliver great collective work.

“Organizations that operate with such a framework are the ones that create a winning culture.”

At the very foundations of progress is equal pay

“To achieve true equality in the workplace, we must collectively challenge and address any ongoing prejudices and biases that persist. At the very foundations of this progress is equal pay,” Gali Arnon, Chief Business Officer at Fiverr expressed in a comment. 

Gender equality has been proven to be a priority for Fiverr as 51% of its global team and 50% of our senior management team are made up of women.

It’s rewarding to see that the Fiverr platform empowers women to thrive, often earning the same or more than men to take control of their lives,” Arnon added.

“Additionally, it’s wonderful to see further projects such as Fiverr’s partnership with Virgin StartUp for the Female Founders Competition, being promoted to actively empower female entrepreneurs regardless of gender, sexual orientation, class, or race.

“This year, I encourage business leaders to reflect on how they can better support and advocate for women in the workplace.”