The gender wage gap, one of the biggest indicators of unequal workplace treatment, is diminishing, but there is still a significant difference in average compensation – from Hollywood, to science labs, men consistently earn more than women.
Compensation is not just a workplace concern, it’s an issue that sits at the heart of the majority of candidate application decisions. It can be hugely damaging for your Employer Brand if there is any discrimination in the way you handle pay, or even a lack of transparency around compensation.
This can all have a serious knock on effect on your companies ability to attract and hire a range of diverse candidates – it’s something to avoid at all costs.
These are issues that tend to get murky fast, so we’re sharing this infographic to highlight exactly how significant the gender wage gap is:
Here are a few of the ways that the gender wage gap, and other diversity inequalities can effect your hiring process:
1. Transparency makes a difference
This research suggests that transparency around salary can make a significant difference to eradicating any issues in the workplace.
For anyone interested in seeing just how far transparency can go, take a look at Buffer’s Transparency Dashboard. The company make everything from equity, to salary, to company diversity, to the books they’re reading completely public – it’s a fantastic example to follow.
Something like this might be difficult to implement at your company, but there’s plenty you might be able to learn from it. Buffer’s applications doubled when they made data around their salaries completely transparent…
2. Change takes time
Change is coming, but it’s not instantaneous. This data suggests that things are moving in the right direction when it comes to reducing workplace inequalities, but that there’s still a long way to go.
One concern would be the fact that executive positions are dominated by men – once this is remedied, and any remaining “glass ceilings” smashed, then equality should be more achievable.
Again, perceived glass ceilings can have a serious effect on your recruiting process – if candidates feel that their chances for career progression at your company will be limited, then you should expect to see a negative effect on your application numbers (and quality).
Many thanks to Dave Landy Jr for his help and research with this post.