Despite all the advancements women have made in the US and around the globe, gender equality in the workplace is still an uphill battle. Gender equality won’t be achieved until women are granted equal opportunity and access to decision-making and equal pay in the workforce.
At the current rate of progress, the global wage gap will still take 108 years to close. This wage gap is in spite of the fact that women make up 47% of the workforce are more likely to have earned a bachelor’s degree by age 29. Companies who do invest in women see big returns – companies with high gender diversity ratings are 15% more likely to outperform national industry medians.
National Equality Day is approaching on August 26th. This is a day that commemorates the 1920 adoption of the Nineteenth Amendment, which prevented the government from denying the right to vote based on gender. Now almost a century later, women are still fighting for their right to be equal in the working world.
A new study revealed that in 2019, the number of female CEOs of Fortune 500 companies reached an all time high – but that high still only sees 6.6% of women in these positions of power. Further, women also face the glass cliff when they finally do make it to the top, which is a phenomenon that sees women promoted during periods of company strife when risk of failure is greatest.
Gender bias in the workplace is best combatted from the top, as fair policies and business support can help close the wage gap. Employers and business owners in the US can make a huge difference by supporting women and lifting them up into positions of power.
If you have more tips and tricks on how your business is combating gender bias in the workforce, you can submit a guest post to Fundera to tell your company story.