International Women’s Day: encouraging transparency in the gender pay gap
International Women’s Day is a time to celebrate women’s achievements, raise awareness about gender gaps, and support gender equality worldwide, with this year’s theme being #EmbraceEquity. Where equality means providing the same resources to all individuals and groups, equity recognizes that everyone has different circumstances requiring different resources and opportunities to reach equal outcomes.
Gender equity can be advanced in various areas, such as sport, technology, and work. Achieving gender equity in the workplace involves creating a culture where women’s careers can thrive, and they can reach the same outcomes as men. Therefore, transparency in the gender pay gap is crucial. By disclosing how wages and salaries are set, how pay raises are decided, and the criteria for bonuses, can mitigate unconscious biases in salary negotiations. On the other hand, job seekers need to do research on salary standards.
Furthermore, transparency in payments enables more research on the gender wealth gap, providing insights on the different dimensions affecting the wealth accumulation of men and women such as career, family support, or financial literacy. Understanding in which dimensions men and women differ can help policymakers identify the different resources and opportunities needed to achieve equity at work.