Despite the fact that women make up 47% of the workforce and are more likely to have earned a bachelor’s degree by age 29, gender equality in the workplace is still far from reality. At the current rate of progress, the global wage gap will still take 108 years to close.
This is all in spite of the fact that companies who do invest in women see big returns, as companies who rank high in gender diversity are 15% more likely to outperform national industry medians.
In honor of National Equality Day on August 26th, we’re taking a look into gender equality and the changes that need to be done to make women in the workforce equal to their male counterparts.
National Equality Day commemorates the 1920 adoption of the Nineteenth Amendment, which prevented the US local and national governments from denying the right to vote based on gender. Now almost 100 years later, women still have an uphill battle in the workforce to achieve the success of their male counterparts. Women must be granted equal opportunity, access to decision-making positions, and equal pay in order to truly achieve equality.
A recent study revealed that the number of female CEOS of Fortune 500 companies reached an all-time high in 2019 – 33 women now lead these top companies. That’s just 6.6% of the most profitable companies in the U.S. being led by a female.
When women do make it to the top, they often have to face another phenomenon known as the glass cliff. The glass cliff sees women promoted to powerful positions during periods of company strife, when the risk of failure is greatest.
The best way to combat gender bias in the workplace is from the top. Employers and business owners can cultivate a culture of equality for their female counterparts. If your business has adopted practices to combat gender bias, we want to hear about it!
Read on to learn more about the obstacles women face at work from this visual created by Fundera, and get advice from 6 lady bosses on how you can combat gender inequality in your workplace today.
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