Last Updated 9/1/23

Black woman leaning black in chair near a window and staring at the camera

GENDER EQUALITY

Gender equality is a fundamental human right. Period. Goal #5 of the United Nations' Sustainable Development Goals states, "Gender equality is not only a fundamental human right, but a necessary foundation for a peaceful, prosperous and sustainable world."

Despite making up half the world's population and a significant portion of the workforce, women are still treated as second class citizens. The COVID-19 pandemic set our progress back decades, with women representing almost 45% of global employment losses in 2020. Women currently make 17% less than their male counterparts. The majority of women continue to experience day-to-day bias and microaggressions in the workplace and are still dramatically underrepresented in leadership roles. We all have a responsibility to actively advance women and improve gender diversity in our organizations.

Despite narrowing the gap, women in 2022 still earned 17% less than men on average or just 82 cents for every dollar a man makes.

In 2019, women accounted for 39.4% of total employment. In 2020, women represented nearly 45% of global employment losses.

2023 Gender Pay Gap Statistics

Women’s employment can be a central driver of inclusive growth. On average across countries, long-run GDP per capita would be almost 20% higher if gender employment gaps were closed. Studies estimate economic gains in the order of
$5-6 trillion if women started and scaled new businesses at the same rate men do. (World Bank)

Black woman and White woman discussing business and pointing to a laptop

Commit Your Business to Advancing Gender Equity

Sign the Women’s Empowerment Principles (WEPs)

The Women’s Empowerment Principles (WEPs) are a set of Principles offering guidance to business on how to promote gender equality and women’s empowerment in the workplace, marketplace and community. Established by UN Global Compact and UN Women in 2010, the WEPs are informed by international labour and human rights standards and grounded in the recognition that businesses have a stake in, and a responsibility for, gender equality and women’s empowerment. To date, over 6,000 companies have signed the WEPs CEO Statement of Support, committing to advancing gender equality at the highest level.

Sign Here

Business Meeting near large windows with four people of different ethnicities and a wheelchair

Consider Conducting a Pay Equity Audit

A Pay Equity Audit is conducted when an organization is looking to find differences in compensation such as base pay, total cash compensation, variable pay, benefits, and other perquisites where those differences aren’t the result of job-related factors. Also critical to the process is for the organization to be committed to do something about what they uncover. The Society for Human Resources Management (SHRM) encourages employers to proactively conduct self-evaluations of pay and correct improper disparities in compensation, to discuss pay expectations with their employees, and to share with their employees information on how pay decisions are made. Below are a few resources to help you decide if a Pay Equity Audit is right for your company.

Pay Equity Audits & Transparency (SHRM)

Conducting a Pay Audit (Skadden)

RESOURCES

The Bloomberg Gender-Equality Index (GEI) tracks the performance of public companies committed to disclosing their efforts to support gender equality through policy development, representation, and transparency.