Today is International Equal Pay Day, and despite long-standing efforts to achieve pay equality in the workplace, a new survey from job platform Monster proves there is still a long way to go.
The vast majority (85%) of those surveyed said they have experienced wage inequality, with gender being the largest factor at 41%, followed by age, race and education level. Data from Pew Research shows the gender pay gap has remained steady over the past two decades, with women earning 80% as much as men in 2002, compared to 82% in 2022.
Among female respondents, 37% reported dealing with pay inequality and, upon finding out, 60% began looking for a new job and 17% quit, Monster found. In addition to affecting turnover,
"It's a red flashing light to workers, as well as to HR professionals who are reading this saying, 'We have got to make pay equality a top priority'," says Monster career expert Vicki Salemi. "It's the right thing to do and it makes business sense."
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There are ways for employees to avoid or amend an issue of pay inequality, and it starts with knowing their worth, says Salemi. Whether searching for a new job or considering approaching a boss about a perceived wage imbalance, she advises employees to do their homework on what their salary should be before entering pay negotiations.
"Go to the meeting prepared," she says. "It means talking to external former colleagues, talking to former bosses — ask them what they would pay someone like yourself. Reach out to a variety of different people in the industry [across] geographic locations. Internally, find out what the pay grade is for your job. If you're interviewing for a job that is below what your skills and experience are worth, tell them what your boundaries are."
Though more states are adopting pay transparency laws for businesses, individuals are not always comfortable discussing financial matters in the workplace. While 63% of survey respondents said they have spoken with their coworkers about their pay, one-fifth said they would prefer to discuss their age, while 14% said they would sooner discuss their weight. Of the 37% of women who experienced pay inequality, 31% stayed at their job and 12% reported they did nothing.
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"Know what number you're looking for and where inequities exist; you want to have leverage," she says. "Stay calm, confident and assertive. Outline and highlight your wins and accomplishments. It's almost as if you're telling your boss, 'I think I'm ready for promotion.' It's a series of conversations and/or emails — it may take time — [so] I also strongly advise these employees to start looking for external opportunities immediately."
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Salemi urges diligence on the part of employers as well so that they can stay ahead of
"Have a compensation department and bring in HR and different managers and leaders from different departments, and then as you make adjustments, make sure you're adjusting to the market rate," she says. "If you are unable to increase pay, think about different ways to compensate your workers fairly so they get what they deserve."
