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PwC released the results of the Women in Work Index and the Global Empowerment Index, which shows that it will take over 50 years to close the gender pay gap at its current rate.
The index surveyed 22,000 women in the global workforce, showing a minimal increase in pay and a significant gender empowerment gap in the workplace.
The 33 Organizations for Economic Co-operation and Development (OECD) countries experienced a gender pay gap of 14% in 2021. Given the historical rate of progress towards gender pay equality, that percentage will take decades to dwindle.
“A 20-year-old woman entering the workforce today will not see pay equality in her working lifetime. At the rate the gender pay gap is closing, it will take more than half a century to reach gender pay parity,” said Larice Stielow, Senior Economist at PwC UK and Women in Work author. “If the rebound from the COVID-19 pandemic has taught us anything, it is that we can’t rely on economic growth alone to produce gender equality — unless we want to wait another 50 years or more.”
To increase empowerment in the workplace, women reported the most important factors:
- Fair compensation (72%)
- Job fulfillment (69%)
- A workplace where they can truly be themselves (67%)
- Having a team that cares about their well being (61%)
“CEOs and employers should do all they can to build a balanced workplace culture where women feel as empowered as men, and where women are fairly rewarded and experience autonomy, meaning and a sense of belonging at work,” said Bob Moritz, PwC Global Chairman. “This will have the dual benefit of building trust across the organization and supporting women’s advancement. In today’s business world, it’s up to all of us as leaders to set the tone from the top to drive a culture that is inclusive and equitable for all employees.”
Read more at pwc.com.