Mind the (Pay) Gap ... and Close It
Though the gender pay gap shortchanges U.S. women by the
same amount — an average of 21 percent less than their male counterparts
— it's not always obvious or discussed. But the numbers are staggering:
on average, women lose roughly $430,000 over their careers due to the gender pay gap.
In a blog post on Glassdoor, Gap Inc.'s CFO Sabrina Simmons discussed the reality for most U.S. women. While the average U.S. woman earns 79 cents to a man's dollar, non-white women often have it even worse: an African American woman working full-time, year round typically makes only 60 cents for every dollar paid to their white, non-Hispanic male counterparts. For Latinas, this figure is only 55 cents, for Asian American women it is 84 cents, for Native Hawaiian and Pacific Islander women it is 62 cents and for Native American women it is 59 cents.
"Pay equality is not just the right thing to do for our business; it's simply how the world should work," Simmons wrote in the blog post. "Anything less is unacceptable."
In 2014, Gap Inc. was the first Fortune 500 company to announce that men and women are paid equally for equal work. The company just released its results compiled by Exponential Talent confirming, for the third year in a row, that equal pay for equal work exists at Gap Inc.
Gap Inc. has brought the equal pay conversation front and center with a shareable, interactive digital experience shedding light on the subject by showing models with 21 percent of their outfits missing. The site also includes a calculator in which people can enter their age and salary to see how much money you'd lose over your career — and how you can raise awareness.