What is the state of the gender pay gap in 2024?

The gender pay gap is alive and well – at the current rate of progress, the World Economics Forum says we’ll need 132 years to close it.

  • Justine Yuen
    Justine Lou

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Updated

9 mins read

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Almost a decade ago, The Economist reported that women earned a lot less than men despite decades of equal-pay laws. Around the world, this statement remains true in 2023. According to the World Economic Forum, at the current rate of progress, it will take 132 years to reach full parity where the global gender pay gap is fully closed. Perhaps unsurprisingly, no country has yet to achieve full gender parity. So if you’re questioning why progress is terrifyingly slow for something that has been around for decades, you’re not wrong to. But it’s not that nothing is being done. Seeds are being planted through strong campaigns drumming up awareness, and educating people who have otherwise seen the movement as nothing but a feminist myth. Cries for help to close the gap are getting louder. Governments are putting in effort to introduce pay transparency, in a bid to get employers to address the pay gap practically. Yet, global statistics prove that the gap has stagnated in recent years and that there is still room for improvement. It’s so dire that the United Nations has declared that the world is not on track to achieve gender equality by 2030. So what can you do as a business to help close the gender pay gap? Why is it important for you to address it when you have business as usual tasks to get on with? How do you build a business case to get your company to rally behind one of 2023’s biggest battles? Here’s how.

Get the full picture of the state of gender pay gap in 2023.

What is the gender pay gap?

It’s been more than a century since women first started making strides in the workplace. From establishing women’s right to work, to the ongoing fight for equal pay, it’s been a long, hard battle. But it doesn’t stop some people from dismissing it as a complete myth. According to The Guardian, a small, but vocal coalition of rightwing think tanks and men’s rights activists (the list goes on) view the gender pay gap as a “lie perpetuated by feminists who use statistics dishonestly to further their cause.”  Thankfully, outside these groups, most folks understand that the gender pay gap is a very real thing that needs to be addressed. One of the better definitions out there is Gartner’s. Gartner defines the gender pay gap as “the average difference in earnings between men and women,” and as for why it’s classified as an actual pay gap: “data shows that women consistently earn less than men even after controlling for differences in age, occupation and location.”

The gender pay gap is not a myth.

What is the state of the gender pay gap globally in 2023?

We don’t have to go far to see how poorly things are going. The following statistics are just the tip of the iceberg.

Some statistics showing women in managerial positions in 2015 and 2020.

Image Credit: Chapter 5 of the United Nations’s Sustainable Development Goals Report. Under Goal 5, Gender equality. As if those statistics didn’t paint a dark enough picture, the latest Sustainable Development Agenda by the United Nations echoes a stark but united sentiment. They’ve announced that “the world is not on track to achieve gender equality and the empowerment of all women and girls,” and progress on gender equality has “not only failed to move forward, but has begun to reverse.”  What’s clear is women’s representation in positions of power and decision-making remains below parity. Which means workplaces can do better. Deep breaths everyone. We’ve got lots of work to do.

Let's take a look into what's standing in the way of closing the gender pay gap.

What elements are standing in the way of closing the gender pay gap?

What are the impacts of the gender pay gap?

How can employers help close the gender pay gap?

Introduce pay transparency

End pay secrecy clauses

Introduce equal employment opportunities

Look after your workforce with Employment Hero

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