How Fixing the Gender Pay Gap can Help Your Business do Better?

This is the era when gender inequality and every topic related it is being focused upon, and structured steps are being taken to solve the issue. The problem has indeed been brewing for thousands of years, but taking even one step today can eliminate it in the future. The whole world is not only looking at fixing the gender pay gap but towards a better future for women as well.

Get an introduction of the gender pay gap

It has been proven time and again that, financial freedom and stability is crucial for the standard of life of every woman. A woman who earns gets to have a better say in almost everywhere in life. This is why; more and more women have been getting into the workforce and earning their livelihood. This could have been a joyous occasion, only if there wasn’t the pay gap between men and women.

How is society behaving regarding the issue?

Sadly, the society in almost every country, baring a few indigenous communities, discriminate against women in every way it can. A woman gets paid less for the same work as her male counterpart. This discrimination has been there since the beginning, and despite the slow change in various industries, has remained a prevalent trait. There are multiple reasons for the pay gap, beginning from racial bias to maternity to age to career breaks and such. The biggest problem is the outlook and practices of society.

Some details about the existing gender pay gap

The difference between the average hourly wage of a man and woman is not only stunning but hard to believe even when the first two decades of the new century have almost gone. The gap in this income varies from country to country. In some places, the gap is noticeable and hard to bridge. In other places, the gap is comparatively minuscule, but it is there. If you own a business are employ both men and women and pay them different amounts, then this is a subject you need to focus on now.

It’s time to change your ways

You may think that you are only following the standard practices of the society and there isn’t much you can do. If this is the way you have been thinking so far, then it is time to become aware of a few facts. By ignoring this glaring discrimination, you are not only neglecting your duty as a human being but are also harming your business. Yes, the gender pay gap is hurting your business, and you are not even aware of it.

The following points will show you how your business and company is suffering because of the payment discrimination existing between men and women:

  • By paying your women employees less, you are affecting their morale. They do not feel motivated to perform better, because there is no reward and their job satisfaction level is also low. Therefore, their performance never reaches the peak it could. The productivity of the company suffers because of it.
  • When your female employees know that you do not care about them, it affects their trust, which results in a less than desirable work environment. Their attitude and perception towards the job also suffer. Demotivated employees cannot bring success, and your discrimination is the reason behind the lack of motivation.
  • By supporting the gender pay gap, you are eliminating the possibility of retaining female employees. You will keep on losing efficient professionals. In the long run, these practices will give a bad name to the company keeping you from being considered as a suitable employment option by experienced professionals. It will be a huge loss for the business.

If all these issues are fixed, your business will become a beacon of hope in the industry, which will be quite beneficial for the future of the company and you.

How Fixing the Gender Pay Gap can Help Your Business do Better?

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