Overview - What is the gender pay gap?
The gender pay gap may be defined as the average difference between men's and women's aggregate hourly earnings. The US Equal Pay Act of 1963 aimed at abolishing wage disparity based on gender. Yet, today in America the typical woman working full-time all year in the United States earned only 79 percent of what the typical man earned working full-time all year (in 2014). The gender pay gap in the United States is even greater for African-American women earning 64 cents and Latina women earning 56 cents for every dollar earned by a white non-Hispanic man. (See More: Gender Pay Inequality)
WHY ARE WOMEN PAID LESS THAN MEN?
A woman working full time, year-round earns $10,800 less per year than a man, based on median annual earnings. This disparity can add up to nearly a half million dollars over a career.
Gender Equality Can Increase Market Share
Gender Equality in the workplace facilitates business understanding of how to appeal to women as customers. As firms attract the best employees to an organisation, retain existing customers and attract new clientele, building market share. By having a balanced workplace one moves toward the creation of NEW markets create increased market share.
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Time for Change
Pay discrimination is a real and persistent problem that continues to shortchange American women and their families. If we want to eliminate the pay gap and perhaps even reverse it, the primary focus must be on women’s continuing difficulties in balancing work and family life. We should certainly attend to any remaining instances of pay discrimination in the workplace, as called for in the Paycheck Fairness Act.