In the past decade, we’ve seen a shift in the way businesses approach gender inequality. However, we must all do more to make change happen – and that starts with acknowledging gender pay gap data and its implications.
Prior to the pandemic, it would’ve taken approximately 99.5 years to close the gender pay gap worldwide, according to the World Economic Forum’s Global Gender Gap Report 2020. The current trajectory shows that it will now take 135.6 years to close the gap. The pandemic set women’s equality back 36 years – in only 12 months.
The first step for companies is taking a hard look at their salary data and making fair adjustments. These changes may even require a pay equity audit.