Gender equality in business is still proving difficult to achieve, a study by PwC revealed.
According PwC’s Executive Directors’ Remuneration report, the gender-wage gap for executives in companies listed on the AltX is 70 base percentage points, with males taking the majority (85%) of the share in earnings.
“The discrepancy in the gender pay gap still exists and it is not improving,” said Gerald Seegers, Head of People and Organisation for PwC Africa. The discrepancy is at executive level and at lower employment levels, he added.
More CEOs, heads of state and other leaders are committing to gender equality goals. There are more female graduates in historically male-dominated fields such as mining, construction, civil and mechanical engineering and aeronautics.
Globally, progressive executives recognise that gender equality in their business is ethical and good for business, the report stated.
Women face challenges that, on average, their male counterparts do not. In 66 countries, women take on an extra 10 or more weeks per year of unpaid childcare work. According to the report, among 37 highly developed countries (20% of the global population), women undertake 75% of total childcare responsibilities.
This negatively impacts the education of females and inhibits their participation in the labour force. It also affects women’s choice of career, as it forces them to seek part-time work or work in the informal sector, which is more accommodating of their childcare duties, the report stated.
A 2015 study by the Overseas Development Institute, estimates that between now and 2025, gender parity has the potential to boost global GDP between $12trn and $28trn. The unpaid work undertaken by women is valued at $10trn a year…13% of global GDP.
Gender wage gap across business sectors