Gender pay gap real, more women in high-paying functions essential

The much-publicised pay gap between men and women is real, and it impacts companies near identically worldwide. But, companies may be looking for a solution in the wrong places, according to a study by Korn Ferry Hay Group. The study findings come from the group's PayNet database, which analysed figures for over eight million employees in 33 countries. When comparing pay between genders, the study found that men are paid 17.6 per cent more than women. The figure for India stands at 18.8 per cent. While evaluating the same job, function and company to compare like with like, the true gender pay gap shrinks to favour men by 1.6 per cent globally and 3.5 per cent in India. Getting more women into high paying functions and industries as well as into senior levels of organisations is a business as well as social imperative, the research suggests. Organisations need to make a conscious effort to empower female leaders by rethinking recruitment, development, promotion and reward processes; getting more women into the talent pipeline; and creating a culture where women want to stay and progress.