Although the corporate world is happy have women at work and women CEOs, the glaring reality is that the women don’t stand a chance of equaling men when it comes to pay till the year 2168 – 151 years from now. Significantly, India ranks second when it comes to gender pay gap. Here, men are earning 67 per cent more than women, suggests a global survey.
As per the same report, this gap can shrink to 57 per cent by 2030. There is still a hope that the gap can be bridged by 2066 – 50 years from now in emerging markets such as India, if women embrace technology and adopt career fixated strategies.
The findings of the report demonstrate that gender pay gap remains an issue across the world. Men receive an average $140 for every $100 earned by women. In India, the situation is even worse as the difference is broader with men earning $167 for every $100 earned by women.
Nearly 80 per cent of this gap is due to the dearth of women’s contribution in the workforce with 93 per cent of men versus 31 per cent women in paid occupation. Other aspects such as reduced working hours, employed in lower paying sectors and lack of tertiary education play a trivial role.
But, the key reason that creates a pay gap in employment is cultural and social issues, as per Accenture’s Getting to Equal 2017 report. The international study conducted by consulting firm Accenture involved more than 30 industries, analyzing average pay gap across levels and roles.
Accenture has recognized three equalizers that may help women bridge the gap including digital fluency, career strategy and tech immersion. “By implementing these strategies, we could add 2.2 crore women to the working population, and $39 billion to the Indian economy by 2030,” said Joydeep Mukherjee, human capital and diversity lead, Accenture India.
Embracing of digital technologies can offer flexibility and dig out career options for women. The report proposed that women also required to work proactively to manage their careers. “Women need guidance from stakeholders including their family on aiming high and making informed choices. Many women do not explicitly demand a raise. They need to be coached and mentored speak up,” added Mukherjee.