The Wall Street Journal, reported five of the biggest stars on the world champion U.S. women’s national soccer team filed a lawsuit on March 31 accusing the U.S. Soccer Federation of pay discrimination, claiming they earn as little as 38% of what their male counterparts make, despite better performance. This followed another high-profile incident last year, when Academy Award Winner Jennifer Lawrence complained of lower wages for actresses in Hollywood While these bold names get the attention, all working women bear the brunt of this unfortunate reality.
Career Builder polled 3,200 full-time workers and found only 35% of women feel confident that compensation is dispensed equitably between the genders and just 39% believe there is equal opportunity for women. But aside from being the right thing to do and being on the right side of history, a gender neutral and diverse workforce increases revenue by leading to fresh ideas and a larger talent pool.
Here are 4 ways to make sure your company offers equal pay and opportunity for women:
1) Rethink salary negotiation:
Underpaying employees can hurt a company’s bottom line. While it may save money in the short-term, employees that feel underpaid will have low productivity and this will lead to more turnover, which can cost enormous amounts of money.
2) Make someone accountable:
Measuring for gender equality may not be the first priority of someone looking to hire, but it is critical for executives to designate individuals to be responsible for monitoring pay practices.
3) Evaluate your compensation system annually:
An annual review is necessary to measure for disparities based on race, ethnicity and gender; evaluate all forms of compensation including starting salary, benefits, bonuses and career advancement opportunities.
4) Review hiring practices for subconscious bias:
Have a rigorous screening methodology that meets predetermined criteria based on proof and not gut feelings. By implementing criteria, you can test all candidates in an ‘apples to apples’ manner.
Contributing Writer, Eliot Burdett is an author, sales recruiting expert and the Co-Founder and CEO of Peak Sales Recruiting, a leading B2B sales recruiting company launched in 2006. He has been widely featured in top publications including New York Times, Reuters, Fortune, Chief Executive, CIO, the American Management Association, HR.com, Yahoo! and Forbes, Inc.