The wage gap between men and women may seem inconsequential, but there are steps we can take to address this issue.
Understanding Student Debt
Data from Investopedia in 2020 indicates that female students often require more education to earn an equal wage compared to less-educated men. In fact, a woman may need to obtain at least a master’s degree to surpass the total earnings of a male graduate with just an associate degree. However, women, particularly those from underrepresented backgrounds, often feel compelled to invest in higher education regardless of their ability to pay. Otherwise, they fear being completely overlooked in employment.
Changing Hiring Practices
Shanan Munson, a leadership expert and serial entrepreneur, says, “Frankly, I think we need to abolish the current hiring system.” She explains that the way employers find and hire talent is largely dictated by who you know, where you went to school, and how many privileges you have. Even the filtering process for women and diverse candidates leads to elitist biases. “A good place to start is hiring based on skills, not tenure,” she says.
Tackling Low Wages
A study by Credit Karma showed that 66 percent of women believe their current salary is hindering their financial goals. Of course, self-advocacy is important, but placing the entire burden on new employees and underrepresented individuals to advocate for more money amounts to victim-blaming in corporate settings.
Special Attention to Older Women
According to a 2020 report by the Brookings Institution, “Women receive Social Security benefits that are equivalent to 80 percent of those received by men.” Why? Lifetime wages decline, the motherhood penalty applies, and the time taken off for caregiving contributes to these factors leaving older women in a financially vulnerable position in their golden years.
Equal Pay Day reminds us to fight for true equality for all and to do our utmost to ensure that our aunts, mothers, grandmothers, and other beloved women in our lives are not suffering financially in silence or shame.
Source: https://www.realsimple.com/work-life/money/equal-pay-day-solutions
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