Notwithstanding the fact that there is a fight for gender equality in every angle and corner of the world, a report reveals that women in India earn much less than men.
Zee Media Bureau
New Delhi: Notwithstanding the fact that there is a fight for gender equality in every angle and corner of the world, a report reveals that women in India earn much less than men.
The sad truth report revealed by Korn Ferry Hay Group says that women in India earn 18.8 percent less than men, largely due to lack of representation in highest-paying job functions and industries.
The report also revealed that this percentage point was higher than the global average where women earn 17.6 percent less than men.
The study was carried out on 57,000 job holders in India and over 8 million employees in 33 countries, the report said.
"Our data shows that when it comes to thinking about pay on the basis of gender, a man and a woman in the same company, doing the same job, will usually be paid nearly the same but still favouring men by 1.6 percent," Ben Frost, a global reward expert at Hay Group said, adding that the data shows this very consistently, from Sweden to South Africa.
In India, for the similar job levels and functions the pay gap, however, is 3.5 percent.
The gender pay gap impacts companies almost identically across the globe, the report said. However, it added, firms are perhaps looking for a solution in the wrong places.
"The biggest driver of the pay gap is a lack of women in high-paying industries, senior functions and in leadership positions. If we want to close the pay gap and make a difference, it is the road to the top jobs that needs to be the focus. This is the pay gap problem," Frost said.
The number of women found in highest-paying industries (like oil & gas, technology and life sciences) is lacking.
Furthermore, even in lower-paying sectors where women dominate such as hospitality and tourism men still hold the vast majority of management and executive roles the highest paid jobs within any industry.
"Organisations need to scrutinise the unconscious male bias in the ways they hire, develop, promote and reward employees, and define successful career paths, to ensure they optimize female talent," said Peggy Hazard, managing principal at Korn Ferry Hay Group and co-author of the study.
"Only when we have more women in higher paying jobs will we see the gender pay gap begin to close not only by further equalling pay at similar job levels, but ensuring females reach the most senior roles, at the top of global organisations," Hazard said.
PayNet database contains pay details for more than 20 million job holders in 25,000 organisations in more than 110 countries.
With PTI Inputs