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On International Equal Pay Day, a look at why only 15% of employees think they're paid fairly

Summary

International Equal Pay Day is a day to address the lack of pay equality in the workplace. A survey from job platform Monster found that 85% of respondents experienced wage inequality, with gender being the largest factor. To avoid or amend an issue of pay inequality, employees should research what their salary should be before entering pay negotiations. Employers should also offer compensation other than pay, and post salary ranges in job postings. Despite long-standing efforts to achieve pay equality, there is still a long way to go.

Q&As

What percentage of those surveyed reported experiencing wage inequality?
85% of those surveyed reported experiencing wage inequality.

What are the main factors that contribute to wage inequality?
The main factors that contribute to wage inequality are gender (41%), age, race, and education level.

How do employees typically respond when they discover they are being paid unequally?
When they discover they are being paid unequally, 60% of female respondents began looking for a new job and 17% quit.

What tactics can employees use to address pay inequality?
Tactics that employees can use to address pay inequality include doing research on what their salary should be before entering pay negotiations, speaking with coworkers about their pay, and negotiating with other job factors such as a reduction in hours or increased flexibility.

What steps should employers take to ensure fair pay?
Steps that employers should take to ensure fair pay include having a compensation department, making adjustments to the market rate, and offering other forms of compensation if a pay increase is not feasible.

AI Comments

πŸ‘ This article provides great insight into the struggles faced by employees in achieving equal pay and offers helpful advice on how to advocate for oneself to receive fair treatment.

πŸ‘Ž Despite progress over the last two decades, the gender pay gap has remained steady, proving that there is still much more work to be done in order to achieve gender pay equality.

AI Discussion

Me: It's about International Equal Pay Day and how only 15% of employees think they're paid fairly. The gender pay gap has remained steady for two decades, with women earning 80% as much as men in 2002, compared to 82% in 2022. That's pretty concerning.

Friend: Yeah, that's definitely an issue that needs to be addressed. What are the implications of this article?

Me: The implications of this article are that wage inequality is still a very real problem and one that needs to be taken seriously. It can lead to a drop in morale and trust among employees, as well as a reputation for unfair treatment. Employees need to know their worth and be willing to negotiate for fair wages, while employers need to ensure that they are paying their employees fairly and according to industry standards.

Action items

Technical terms

Compensation
The payment or reward given to an employee in return for their work or services.
Gender Pay Gap
The difference in the average earnings of men and women, expressed as a percentage of men’s earnings.
Turnover
The rate at which employees leave a company and are replaced by new employees.
Morale
The level of enthusiasm and confidence of a group of people, typically in a workplace.
Pay Negotiations
The process of discussing and agreeing on the terms of a salary or wage.
Pay Transparency
The practice of making information about salaries and wages available to employees.
Leverage
The ability to influence a situation or outcome by using resources or power.
Market Rate
The average rate of pay for a particular job or type of work in a particular area or industry.

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