the Disruption that is needed
Women & wealth must be firmly on the disruption table as we lead up to International Women’s Day. This issue is #HeForShe. Both men and women are on this planet. The Sustainable Development Goals require it according to Item #5.
The World Economic Forum says it will be another 217 years before women and men have equal pay for equal work. Acceptable? Not for the individual. Not for the big picture either.
8 generations to close the pay gap
Does economic equity really need to take this long?
It need not.
Elephant #1: What Do We Value?
If actions speak louder than words, for women to truly be equally paid, what we as a society value must shift.
Historically, as women enter a profession, its value decreases
Elephant #2: What Are Women Paid in Their Lifetime?
It’s not simply about which industry we choose.
Even in the developed world, women’s starting pay is generally 22% less than a mans. #EqualWorkEqualPay
In real life, add in a child. Or care giving. Say a year for each.
What do these three limited changeable facts do to a woman’s lifetime earnings even when she is doing equal work?
This woman’s lifetime income is 57% of a man’s. It’s the maths.
Elephant #3: Will women’s retirement years be golden?
The economic gender gap lasts a lifetime.
Wealth is a lifetime thing. Women live longer and have less.
What is the quality of life in the impoverished ‘golden’ years?
The Elephant #4: The Unmentionable Fintech
As we deal with women and economic equality, we also need to take into account the disruptor of FinTech.
Could FinTech be the next currency crisis? Is it a symptom of major change in the world economic system?
I grew up seeing currencies and economies collapse and its impact on women and children in Africa and Asia. It was rough.
Will women be left behind on this too? #KeepFinTechInView
Item #5. What Opportunities are there?
National governments are taking action for economic equity. The UK, Iceland and Germany have mandated pay transparency. Others will follow. #WomenVotesCount
Social media is increasing the transparency of business’s black boxes. Pay inequities will not and should not be secrets.
Economic equity need not be 8 generations.
Not all disruptors happen to us, some disruptors we choose.
We in Business can lead the change. Economic Equity is possible in our generation. Do more than PressForProgress. Expect it. Measure it.