Three Critical Accelerators to Closing the Gender Pay Gap for Class of 2020, Accenture Research Finds
March 07 2017 - 7:07AM
Business Wire
Women graduating from university in developed markets in 2020
could be the first generation to close the gender pay gap in their
professional lifetimes, according to new research from Accenture
(NYSE:ACN).
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The report, “Getting to Equal 2017,” reveals that, within
decades, the pay gap could close if women take advantage of three
career equalizers and if business, government and academia provide
critical support.
With these changes, the pay gap in developed markets could close
by 2044, shortening the time to pay parity by 36 years. In
developing markets, the changes could cut more than 100 years off
the time to reach pay parity, achieving it by 2066 instead of
2168.
“The future workforce must be an equal workforce. The gender pay
gap is an economic and competitive imperative that matters to
everyone, and we must all take action to create significant
opportunities for women and close the gap more quickly,” said Julie
Sweet, Accenture’s chief executive officer – North America.
Accenture’s research found that, globally, a woman earns an
average $100 for every $140 a man earns. Adding to this
imbalance is the fact that women are much less likely than men to
have paid work (50 percent and 76 percent, respectively).
This contributes to a hidden pay gap that increases the economic
inequities between men and women: for every $100 a woman earns, a
man earns $258, the research shows.
The research also identifies several critical factors that
affect a woman’s ability to achieve equal pay as early as
university. Female undergraduates are currently less likely than
their male counterparts to choose an area of study that they
believe offers high earning potential (27 percent vs. 40 percent),
have a mentor (45 percent vs. 58 percent) or aspire to senior
leadership positions (41 percent vs. 51 percent). Additionally,
young women are less likely than their male counterparts to adopt
new technologies quickly (45 percent vs. 63 percent) and take
coding and computing courses (68 percent vs. 83 percent).
The report, which builds on Accenture’s 2016 research on closing
the gender gap in the work place, offers three powerful
accelerators to help women close the pay gap:
- Digital fluency – the extent to which
people use digital technologies to connect, learn and work
- Career strategy – the need for women to
aim high, make informed choices, and manage their careers
proactively
- Tech immersion – the opportunity to
acquire greater technology and stronger digital skills to advance
as quickly as men
Applying these career accelerators, combined with support from
business, government and academia, could reduce the pay gap by 35
percent by 2030, boosting women’s income $3.9 trillion.
“Gender equality is an essential element of an inclusive
workplace, and this extends to pay,” said Pierre Nanterme,
Accenture’s chairman and CEO. “Business, government and academia
all have an important role to play in closing the gap.
Collaboration among these organizations is key to providing the
right opportunities, environments and role models to lead the way
for change.”
Methodology
Accenture surveyed more than 28,000 women and men, including
undergraduates, in 29 countries. The sample included equal
representation of men and women, representing three generations
(Millennials, Gen X and Baby Boomers) across all workforce levels
at companies of varying size. The margin of error for the total
sample was approximately +/- 0.6 percent.
Survey data was analyzed using econometric modelling to identify
drivers of pay equality and career advancement and then combined
with published data on education, employment, leadership and
research from the World Bank, the OECD, World Economic Forum and
the UN to then explore the potential impact of measures to improve
equality. The pay gap calculations are based on Accenture’s
economic model, which takes into account the lower percentage of
women than men in paid work.
Countries included in the full study were Argentina, Australia,
Austria, Brazil, Canada, Denmark, Finland, France, Germany, Greater
China (includes Hong Kong and Taiwan), India, Ireland, Italy,
Japan, Mexico, Netherlands, Norway, Singapore, South Africa, Spain,
Sweden, Switzerland, United Kingdom and United States. Indonesia,
Malaysia, Philippines, Saudi Arabia, and United Arab Emirates
also participated in the survey.
About Accenture
Accenture (NYSE:ACN) is a leading global professional services
company, providing a broad range of services and solutions in
strategy, consulting, digital, technology and operations. Combining
unmatched experience and specialized skills across more than 40
industries and all business functions – underpinned by the world’s
largest delivery network – Accenture works at the intersection of
business and technology to help clients improve their performance
and create sustainable value for their stakeholders. With more than
394,000 people serving clients in more than 120 countries,
Accenture drives innovation to improve the way the world works and
lives. Visit us at www.accenture.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170307005542/en/
AccentureStacey Jones,
+1-917-452-6561stacey.a.jones@accenture.comorJoanne Veto,
+1-703-963-4212joanne.m.veto@ccenture.comor#IWD2017
#GettingtoEqual
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