Latest news with #paygap
CBC
5 days ago
- Business
- CBC
B.C. government says provincial gender pay gap seeing 'modest improvement'
Social Sharing B.C.'s second annual pay transparency report shows a two per cent improvement in pay equality between women and men in the province, which a Canadian organization championing gender equality says is far from enough. The report reveals a two-cent decrease in pay inequality, with women earning 85 cents for every dollar a man earned in 2024, up from 83 cents in 2023. Sectors that saw the largest improvements in closing the gender pay gap, according to Statistics Canada data, were agriculture, forestry, fishing and hunting, where pay inequality has dropped from 45 percent to 36 per cent since 2023 — a nine per cent decrease. Mining, quarrying and oil-and-gas extraction saw a seven per cent decrease in pay inequality from 24 per cent to 17 per cent, and young women with trade certificates or diplomas saw a 13 per cent drop in the gender pay gap from 18 per cent to 11 per cent in B.C. from 2017 to 2024. WATCH | B.C. government introduces new pay transparency law: The report says 85 per cent of job postings in B.C. in 2024 included information about pay, whereas other parts of the country came in at 52 per cent, according to the job-search platform Indeed. According to the report, B.C. has the fourth-highest gender pay gap among Canadian provinces. When intersectional identities are considered, such as being Indigenous or a female newcomer to Canada, pay inequality is higher. Humera Jabir, a staff lawyer with the West Coast branch of the Women's Legal and Education Action Fund (LEAF), says a two-cent improvement in closing the gender pay gap in this year's annual report is negligible. "The Pay Transparency Act has no teeth and it has no ability to enforce the changes that we need to see to close the gender pay gap in B.C." Jabir says to close the gap, B.C. needs a living wage for all people, policies that support and value caregivers, higher assistance for those on disability assistance, and fairness and protection for migrants. "We need the B.C. government to recognize that this is a systematic issue of pay discrimination that is deeply built into our economy and reflects the social and economic devaluation of work that's done by women and people who experience marginalization." Jabir says a lot of women and marginalized people work in spaces with fewer than 50 employees, so they will not be reflected in pay transparency data under the act in B.C. The pay transparency act tool that the government is relying on is not capturing everyone, especially those most impacted by the gender pay gap, says Jabir. "Unfortunately, what the reports are showing over and over again is that there is gender, systemic inequality in how people are paid. We've known that for decades, so what is the B.C. aovernment doing to do about it?" Karsari Govender, B.C.'s human rights commissioner, says that while the numbers in the report show slight improvements, it is worth noting that the data is limited to a select group who work for larger employers with 1,000 or more employees. Gender pay gap data will be expected from B.C. employers with 300 or more employees beginning this November, and employers with 50 or more employees will be expected to compile and post reports about their gender pay gap data starting in November 2026. Govender says only 86 per cent of employers complied with the pay transparency legislation, so the numbers from the report don't paint an entirely accurate picture. "Pay transparency legislation is an important step towards pay equity, but the problem is it can't be the only step. The biggest issue is that we don't have pay equity legislation." Govender notes that while gender pay gap reporting is mandatory in B.C., there are no mechanisms to enforce it to hold employers accountable. She says an enforcement mechanism, such as fines or other penalties for non-compliance, is needed for the legislation to work more effectively. The intersectional data collected in the report is important, says Govender. Women overall made 85 cents on the dollar compared to men, while women with disabilities made 82 cents, and transgender women made 52 cents.
Fast Company
7 days ago
- Business
- Fast Company
Among the top paid CEOs of 2024, 18 saw their salaries more than double
The year 2024 was a good one for the people who ran some of the country's biggest companies. CEO pay set another record last year, according to a new study in The Wall Street Journal, with half of the chief executives who made the paper's list of the highest paid CEOs making $17.1 million or more, up more than 8% from $15.8 million the year prior. Rick Smith, co-founder of Axon Enterprise, the maker of Taser stun guns, topped the list with a pay package of $165 million (entirely in company stock). Elon Musk earned the least, once again taking home $0 in salary from Tesla. (His compensation is instead structured around stock options that vest based on the company's performance.) The widening pay gap between CEOs and their employees is a growing concern. For comparison, the average annual salary for all U.S. workers in 2024 was $66,622, just shy of 2% higher than the $65,470 average in 2023, according to the Bureau of Labor Statistics. In terms of raw numbers, GE's Lawrence Culp Jr. was second on the list, earning $88.95 million. Blackstone's Stephen Schwarzman came in third at $84.03 million, Apple's Tim Cook was fourth at $74.61 million. And KKR's Joseph Bae rounded out the top five at $73.09 million. While the average pay package for the top half of the CEOs on the list jumped 8%, several of the 417 executives the Journal examined saw significantly higher increases. All totaled, 18 CEOs saw their total pay increase by more than 100% last year. Axon's Smith, for example, saw a 999% increase in total pay from the year prior. Corpay's Ronald Clarke took home $28.05 million, which only earned him the rank of 54 th overall, but was 951% better than he did in 2023. And Workday's Carl Eschenback saw a 938% bump, taking him to $26.17 million. Rounding out the top five, James Vena of Union Pacific had a 775% salary increase to $17.64 million, and GE's Lawrence Culp saw a 505% pay increase to $88.95 million. Smith saw a similar big jump in 2019, when his salary soared to $246 million on a stock reward. The 2024 increase is reportedly because of a new program for Axon workers that lets them convert some or all of their salary into restricted shares, which could grow or shrink depending on the company's performance. Although many executives saw pay bumps, only one had a pay package worth $100 million or more. In 2020, 17 CEOs in S&P 500 companies made nine figures. Last year, Smith was the only one. And even including execs outside of the S&P, the total was the lowest since 2016, the Journal reported.
Mail & Guardian
26-05-2025
- Business
- Mail & Guardian
Tackling the gender inequality issue in the South African workplace
While there has been significant progress against gender inequality, the issue still has visible effects, especially in countries like South Africa. African women earn less than men, and they are offered low-skilled jobs, which prevents them from progressing in their careers. Although women in South Africa are ambitious when entering the workforce, they don't have the same opportunities as men, who are usually more successful in terms of rank and pay. This is due to the stereotypes that are deeply rooted in African society, and the only way to overcome them is to challenge the existing societal norms and create inclusive workplaces where women can thrive. Pay disparity is huge in South Africa, affecting women's quality of life Reports on the pay gender gap show that South African women have a salary that is 23%-35% lower than men having the same role. This significantly hinders women's wealth creation trajectory in the country, leading to inequalities that can become exponential in the long run. In the broader society, undervaluing the professional contribution of African women can also take a toll on their mental health, at the same time affecting their extended families and children. The pay disparity issue is major, and it is unfair to think how this discrimination limits women from achieving a better quality of life – especially when they do have the skills required to build successful careers. For instance, African women are underrepresented in leadership positions While African women are part of the country's workforce, only 7% of JSE-listed organisations have women working as executives. But this is a minor percentage, and having more women in leadership is essential to drive change in South African workplaces. The lack of women in roles requiring decision-making skills stifles innovation, enforcing a male-dominated culture, which only perpetuates gender inequality. Tackling this issue ultimately comes down to promoting diversity and inclusion in the workplace – that's the only way women (and society) can progress. Different barriers prevent women from joining corporate boards in the country. Firstly, the business culture is a significant factor, as from a historical perspective, African women have experienced high rates of unemployment, financial dependence and even Caregiving duties place significant pressure on African women The best work environments are those where employers feel like their well-being matters and where they don't have to Their caregiving duties significantly impact their professional lives and their ability to earn an income. They feel pressured to meet all the expectations, and finding a balance between professional and personal life gets too overwhelming. There is also a dichotomy between women's earning and spending that needs to be considered. While they are the ones to make most decisions regarding household purchases, women generate less income than their husbands, which can cause tension in the relationship. Women are considered less than ideal workers due to their responsibilities, and of course, achieving equity in the workplace will never be possible if women are excluded only because they have children to look after. Hence, it becomes essential to accommodate Creating equitable and diverse workplaces in the African society: a matter of collective commitment South Africa is clearly moving in the right direction when it comes to gender equality, but there's still a lot to be done to bridge the gender gap. Companies need to do their own part in achieving this goal by prioritising the search for female talent to fulfil executive roles. In the long run, a culture shift would be required to remove stereotypes and gender biases in the workplace. However, this change is a significant one, and it will likely take time to be implemented. As the world becomes more and more uncertain, it's essential to have leaders who can lead with empathy and inform through honest and effective communication. And women demonstrate these strengths, making them suitable for leadership positions. Hence, organisations, policymakers, and society should work together to overcome all those barriers and build workplaces that support everyone's contribution, no matter their gender. Only by tackling the gender diversity issue in South Africa can the country thrive and tap into the full potential of its female top talent. It's important to remember that women are just as capable as men, and they deserve a chance at a better quality of life, so to see change, it's essential to work on challenging stereotypes effectively.
Fast Company
22-05-2025
- Business
- Fast Company
3 Reasons you should tell your coworkers how much money you make
As my husband was growing his finance career, the year-end bonus became a pivotal moment: to see how much his hard work translated into cash. And rather than rushing to tell me the news, he and his close peers would gather at a local bar on bonus day to share their numbers. They wanted to know who got paid how much. 'You share your bonus number with your colleagues?' I asked in disbelief. 'Why would you do that?' 'We want to know the range of bonuses given out,' he shared. 'This also helps us understand how we can get paid more next time around and do better.' When I started my career, I remember a mentor once telling me, 'Don't talk about religion, sex, or politics at work,' she cautioned. ' And don't ever tell anyone how much you make. ' While some of those corporate rules have changed, many of us still remain reluctant to talk about how much we make. According to one study, only 19% of employees have asked coworkers about their salaries. And most, 68%, say they avoid talking about money at work at all. Despite this reluctance to mention finances, many say that they do want to talk about pay at work: 56% say they wish discussing salaries wasn't taboo. So this begs the question: If we can't talk about our salaries openly, how can we be motivated to work harder, avoid miscommunications and misunderstandings about salaries, and ultimately close the gender and racial pay gaps? The final deadline for Fast Company's Brands That Matter Awards is Friday, May 30, at 11:59 p.m. PT. Apply today.
