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The challenges and solutions to the gender pay gap

The gender pay gap is alive and well, with women on average earning 20% less than men globally. When pay gaps exist, it sends a message that not all employees are valued equally. Yet only 62% of US and Canada businesses currently have or are planning to implement pay equity practices according to Payscale.

The push for pay transparency is growing louder — employees are expecting it and lawmakers are enforcing it. Companies that don't have pay equity practices are at risk of losing top talent or facing fines. The regulatory landscape is swiftly changing, with new laws taking effect across U.S. states and cities, and the EU Pay Transparency Directive mandating robust audits from EU and non-EU employers with more than 100 employees.

No matter what the driver, business leaders and organizations should take action to close the pay gap and address disparities in opportunity and leadership. Among companies that voluntarily share pay equity and retention data with Catalyst, 96% conduct pay equity audits. Not surprisingly, these companies also outperform industry benchmarks for gender diversity across all organizational levels. It’s proof that progress is possible and an important driver of talent retention.

 

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A breakdown of the pay gap

Based on earnings from 2022, for every $1 earned by White men in the US...

  • $0.67

    Black women earned

  • $0.57

    Latinas earned

  • $0.82

    White women earned

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