Click here to download this article. It may be a century or more since women won the right to vote, but there is still no victory in sight when it comes to equal pay in the workplace. While few doubt the fairness of equal pay, the figures point to a salary gap between men and women doing the same job. In Europe, the pay difference is 16.40/01, rising to 18.20/02 in the United States and a remarkable 27% in Japan3. What's more, that gap acts as a brake on business growth. A study by the McKinsey Global Institute4 predicted that bridging the gender gap in the UK, for example, could potentially create an extra El 50 billion of GDP in 2025. Today, the nudge theory takes center stage. While motherhood is seen as the root cause of this inequality, companies can take action to improve matters in the workplace - with benefits and rewards policies able to play an important role. Here are three ways that firms can redress the balance:
To reflect the needs of a diverse global market, companies need to encourage diversity and inclusion within their own organizations. Along with creating a more representative workforce, diversity also helps to build a more successful company. A two-year research study by Deloitte shows that companies who embrace diversity and inclusion in all aspects of their business statistically outperform their peers. Deloitte’s findings are in line with research carried out by Sodexo that highlighted the business benefits of gender equality. Workplaces that are gender-balanced show a higher employee engagement (+4 points), a stronger brand image (+5 points), increased gross profit (23%) and consistently higher organic growth (13%).
In our increasingly globalized job market, companies from around the world compete to attract and retain top talent, but like the international population, they are a part of, these employees don’t fit one single description. The best candidate for your company could be male or female, single or a parent, heterosexual or part of the LGBT community…
So how can companies create Benefits and Rewards Services that effectively attract this talent pool and reward, recognize and inspire diversity among all employees? We scoured the marketplace and found trailblazing companies that are leading the way.
The first few years of a child’s development is the most important stage in his/her life, since the foundation of the values and principles that are taught will pretty much shape how a kid will make crucial decisions later on. At Montessori, we understand the importance of these initial years, and focus extensively on promoting ethical teachings and practices that will provide your child with a strong and sturdy foundation to build his/her core values and principles.