PwC: Gender Parity in Workforce to Take 50+ Years

Title: PwC Reports Reveal Slow Progress on Gender Parity in the Workplace

In recognition of International Women’s Day 2024, PwC has released findings from two pivotal studies, the Women in Work Index and Inclusion Matters, which paint a sobering picture of gender parity in the workplace. The latest data from the 12th edition of the Women in Work Index (WiW Index) suggests that at the current rate, it will take over 50 years to close the gender pay gap across the 33 countries of the Organisation for Economic Co-operation and Development (OECD).

The WiW Index, which measures progress towards gender equality at work, uses five indicators: the gender pay gap, female labor force participation, the gap between male and female labor force participation rates, female unemployment rate, and female full-time employment rate. Despite some strides over the past decade, with the average Index score climbing from 56.3 in 2011 to 68 in 2022, achieving gender parity remains a distant goal.

Cleo Papadopoulou, Chief Inclusion & Diversity Officer of PwC Cyprus, emphasized the importance of inclusion in driving gender parity. “A workplace where women feel they belong, are included in decision-making, and are treated fairly is where they can truly thrive,” she stated.

Between 2021 and 2022, improvements were noted in female labor force participation and a decrease in female unemployment rates. However, the average gender pay gap slightly widened, indicating that higher participation has not translated into equitable economic returns for women.

Luxembourg leads the Index, boasting the lowest gender pay gap in the OECD, with women earning slightly more than men on average. The Nordic countries also rank highly, demonstrating strong gender equality metrics.

PwC’s Inclusion Matters research further highlights the disparity in workplace sentiment among women. Only 39% feel fairly compensated financially. The research underscores a significant gender gap in seeking promotions and raises, with women less likely to ask for both compared to men.

However, there is a silver lining. Women with high inclusion scores are more likely to seek raises and promotions and recommend their employer as a workplace. They also show lower turnover intentions and a greater propensity for self-driven development.

These findings underscore the critical role of inclusion in not only fostering a sense of belonging but also in propelling women’s professional growth and satisfaction. As businesses continue to strive for gender parity, the message is clear: inclusion matters.

gender pay gap

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