Over the past few years, the height of technology transformation touched the sky, but one thing that remains the same is the pay gap in the tech industry. While there were several debates about gender equality, many companies took so many initiatives to bridge the gap. 

According to a report, women are paid 20% less than men globally. On the other hand, some studies have shown that the percentage of women employees in technology has risen significantly. Besides the rise of their roles and paving the flags of gender equality, the concern of getting equal pay, the disparity shrunk to only the size of a rice grain. 

Therefore, this blog post is solely dedicated to initiating the importance of closing the gender pay gap in the tech industry and welcoming the approaches toward success.

Understanding the Current State of Affairs

Ahead of discussing the strategies, it is decisive to understand the current situation of gender wage inequality in the tech industry. The earning gap between men and women has barely closed in the past two decades. Many studies have shown that women in tech support still face pay inequality. 

The mere gender pay gap cannot be included under discrimination, as there are several factors affecting such decisions. Such as working hours, education, parenthood, working flexibility, etc. However, another study suggested that this pay gap is often noticeable in the tech industry more than others, pushing the requirements for targeted intervention.

The Ripple Effect of Equal Pay

median weekly earnings by sex and educational attainment

(This graph shows the median weekly earnings by sex and educational attainment, in US$).

The concept of equal pay goes beyond mere income equality. Bridging the gap variously impacts the work culture. Getting the same wages regardless of gender promotes a positive work surrounding. 

It contributes to the increased level of satisfaction and employee self-esteem. That, ultimately, influences productivity and employee retention. In a situation, where each worker, no matter what gender they have, believes they are fairly getting paid for their equivalent contributions and effort within an equal pay model. 

It will result in an atmosphere of collaboration, trust, and shared goals. And, the ever-evolving landscape of tech needs a workplace built on such foundations that they can attract and keep top talent. 

Strategies for Success

Here are some top approaches for a guaranteed success:

Transparent Compensation Policies

The primary step, an organization can take is to have transparent compensation policies. By offering crystal-clear methods and eligibility criteria to the candidates, promoting a sense of trust among workers as well.

Transparency also assists companies in detecting any bias or management issues in their wage structures. 

Regular Pay Audits

To identify and resolve any gender pay inequality under the management process, conducting regular pay audits is a must. These pay audits not only help in assessing the pay gap but also provide an overall sneak peek into specific roles, levels, and departments.

Determining data in detail can help the organization spot the areas that require attention and targeted strategies to even up pay.

Promoting Diversity in Leadership

Diversity in leadership is another aspect that serves to shape a company’s culture and policies. This ensures a highly comprehensive decision-making procedure. Suppose, a situation where diverse voices are at the table. The management will most likely implement policies in favor of closing pay disparities.

Varied leadership will also encourage women in the company to aim for higher roles and claim equal compensation. 

Skill-based Pay Structures

Getting rid of the traditional pay structures that unknowingly promote a specific gender over another, and implementing a skill-based compensation format, can be one progressive step toward closing the pay gap. 

Evaluation of pay and other benefits to employees based on their skills, expertise, and contributions will also help the business get future-ready for long-term growth and success.

Employee Education and Advocacy

Lack of awareness can also be a reason why the gender pay gap persists in industry. Organizations can arrange workshops and training sessions on various topics such as salary negotiation, career development, and workplace rights to empower employees to advocate for themselves.

Individuals packed with the knowledge and skills to negotiate in the market can contribute to a balanced and equal pay landscape in the fastest-growing tech jobs

Increase Paid Leaves

We all know that women are more likely to take paternity and other casual leaves, as they need to take care of children and other relatives. Providing equal leave opportunities to both men and women can harness a sense of fairness. 

Increased paid leaves will also prevent the chances of earning drops that usually occur when a woman takes paternity or other leaves.

Do You Know?
When comparing women and men with the same job title, seniority level, and hours worked, a gender gap of 11% still exists in terms of pay.

The Road Ahead

Slowly but steadily things are changing. In recent years, there has been significant progress in closing unbiased pay. While there is a lot of work, still has to be done, it is the responsibility of both companies and employees to make the changes. 

A survey showed the lack of female contribution in the technical world starts at the stage of schooling. On average, only 27% of female students pursue their career in technology, while only 3% of them consider it as their first career choice. 

Closing this gender pay gap does not demand a one-time improvement, but is a continuous journey. Companies, by incorporating these approaches into their business model, will not only foster equality but also encourage individuals and other companies to implement the same objectives.

Making these small changes will fix the disparities among employees and take the plunge into a more innovative and progressive future.