Some people feel funny when you talk about money, but looking at the data is an important step to unpack the racial and gender wage gap. For example, the US Government Accountability Office found that in 2021:
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- White women $0.82 for every dollar men earned
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- Hispanic or Latina women earned about $0.58 fir every dollar a man earned and
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- Black women earned about $0.63 for every dollar a man earned.
This imbalance and diminished economic opportunity comes at a cost for society and women leaders.
Please watch this short video below to understand the impact of the racial and gender wage gap:
Working moms and the racial and gender wage gap from Nano Tips for Creating Equitable Workplaces for Working Mothers with Desiree Coleman-Fry by Desiree Coleman-Fry
Pay parity analyses are a great way organizations can understand how employees are compensated across groups. As data is examined for outliers & imbalances within and between, organizations are able to understand gaps in how employees are paid, which over time, helps to chip away at the differences in pay by race and gender.
Pay parity analyses are an effective step to creating equitable and inclusive workplaces. And year-end is a great time to explore.
The National Women’s Law Center reported that, “Black women’s gender pay gap has only closed three cents in 30 years. Over time, this adds up to a typical loss of $24,110 dollars a year or nearly $1M over a 40-year career.” These statistics are sobering and highlight the need to close the racial and gender wage gap. Thus, focusing on access, equity and opportunity for all s essential.
