The Gender Pay Gap is Half the Size at Tech Companies with More Female Executives, According to New Study by Redfin and PaySc...
August 02 2017 - 8:00AM
Business Wire
These Companies Also Have Higher Employee
Satisfaction and Lower Turnover For Both Men and Women
(NASDAQ: RDFN) -- Technology companies with more female
executives pay female employees more fairly and have higher
employee retention and satisfaction, according to a new study by
Redfin (www.redfin.com), the next-generation real estate brokerage,
and PayScale, a company that has compiled the world’s largest
database of individual salary profiles.
For this study, Redfin examined the gender makeup of executive
teams at 31 of the largest U.S. tech companies. Companies where
women made up more than 25 percent of the executive team were
considered to have a high rate of female executives, while
companies with fewer than 20 percent were considered to have a low
rate. Companies where women made up 21 to 24 percent of the
executive team were not included. PayScale then analyzed 6,562
salary profiles of people who reported working for these companies
between June 2015 and 2017.
At companies with a high rate of female executives, women earned
two cents more for every dollar that men in similar roles earned.
The two-cent gap might not sound like much, but for a man earning a
$100,000 salary, a woman would earn $96,000 at a company with fewer
women executives, compared to $98,000 at a company with more women
at the top. This disparity adds up to tens of thousands of dollars
over a woman’s career.
When you look at all men and women employees without controlling
for whether they are in similar roles and levels, the pay gap is a
whopping 14 cents. This suggests that companies with a high
percentage of women executives also have more women in other
highly-paid roles.
Redfin decided to start publishing its pay gap and other
diversity stats in 2015 as a way to hold itself accountable and
encourage other companies to be transparent with their data.
“Increased transparency is one way we can work together to close
the pay gap in our industry,” says Redfin CTO Bridget Frey, who
authored the blog post on the study.
The study also showed that both men and women report a higher
level of job satisfaction at companies with more female leaders,
and fewer of them say they are considering leaving in the next six
months.
To read the full report, complete with data and charts, please
visit the following link:
https://www.redfin.com/blog/2017/08/gender-pay-gap-is-half-the-size-at-tech-companies-with-more-female-executives.html.
About Redfin
Redfin (www.redfin.com) is the next-generation real estate
brokerage, combining its own full-service agents with modern
technology to redefine real estate in the consumer's favor. Founded
by software engineers, Redfin has the country's #1 brokerage
website and offers a host of online tools to consumers, including
the Redfin Estimate, the automated home-value estimate with the
industry's lowest published error rate for listed homes. Homebuyers
and sellers enjoy a full-service, technology-powered experience
from Redfin real estate agents, while saving thousands in
commissions. Redfin serves more than 80 major metro areas across
the U.S. The company has closed more than $50 billion in home
sales.
For more information or to contact a local Redfin real estate
agent, visit www.redfin.com. To learn about housing market trends
and download data, visit the Redfin Data Center. To be added to
Redfin's press release distribution list, subscribe here. To view
Redfin's press center, click here.
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version on businesswire.com: http://www.businesswire.com/news/home/20170802005352/en/
Redfin Journalist Services:Natalie Schwab,
206-588-6863press@redfin.com
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