Data shows pay transparency could be the No.1 solution to closing the gender pay gap. (via CNBCMakeIt)
shows that openly sharing employee salaries could be a top solution to closing the gender pay gap.
Women who strongly disagreed that their organization was transparent about pay earned, on average, 97 cents for every dollar earned by their male colleagues who had the same experience, did the same job and lived in the same area.Though a three-cent difference may seem small, PayScale's CEO Scott Torrey points out that this difference in pay can easily add up to a significant loss over the course of a woman's career..
When looking specifically at industries, PayScale found that women in most fields made equal, and sometimes even more than men, when organizations were open and honest about salary. However, a few male-dominated industries like construction, food preparation and maintenance and repair still fell shy of pay equity by four cents or less, even with transparent pay practices.
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