Equality in the workplace is something that women have been fighting to change for decades. This equality can come in the form of employment opportunity, advancement as well as financial compensation. Unfortunately, gender pay gaps still often find women paid less than men for doing the same jobs.
A recent report by CNBC highlights the steps made by Citigroup financial services toward rectifying their known gender pay gaps. The bank said that in 2018, the pay gap between their male employees and their female employees was 29%. The same gap for 2019 dropped a bit to 27%. The company statement did point out that this was raw data. When it is comparing similar jobs and responsibilities, the pay equity was said to be closer to 99%. Nonetheless, the company has indicated that the compensation packages of some of its female employees have or will be adjusted to reduce further or even eliminate the gender pay gap.
In addition to targeting financial equality in the workplace, the banking giant said that it is proactively looking to place more women in positions of power from the assistant vice president level up to the managing director level. In 2021, the goal is for four out of 10 such posts to be held by female employees. Other efforts are also said to be focusing on equality for minorities within the company. Citibank’s pay gap between minority and non-minority employees in 2019 was 6%.
Discrimination is bad business
Companies leave themselves exposed to lawsuits if they employ unfair hiring practices or prevent quality candidates from advancing up the corporate ladder because of their gender, race, religious beliefs, and other civil rights protected by the law. Companies concerned with issues regarding complaints or instituting changes should talk with a law firm that handles employment law, litigation and business matters. These legal professionals can help companies to avoid unnecessary mistakes as they institute or defend a plan for a more balanced workplace.