![]() Furthermore, conducting regular compensation studies is a helpful tool to hold leaders accountable to ensure employees are paid at minimum, the fair market value, for their work and to ensure adjustments are distributed equitably based on market data and employee performance. Working with compensation specialists to evaluate aligned markets and create fair compensation ranges is critical. The path to achieving pay equity begins with organizations developing a clear compensation philosophy. To break this cycle, male business leaders should work to expand their comfort zone and mentor more women, particularly women of color, and more companies should offer official mentoring opportunities.ĭevelop a compensation philosophy and conduct regular studies. Furthermore, people tend to gravitate toward sponsoring someone like them, so white men in leadership positions end up helping other white men. A sponsor is a person who has power and will use it for you." A key barrier to reaching the C-suite for women is that they get fewer high-stakes assignments that lead to advanced roles. As Herminia Ibarra outlines, a "mentor is someone who has the knowledge and will share it with you. But even more important than mentorship is sponsorship. Research shows that workers who have mentors at their organizations are more likely to receive raises and promotions. So, what should CEOs do to help move these trends forward? I suggest the following. Organizations with greater gender diversity reported higher levels of collaboration, higher quality leadership, greater agility, and more likely to experiment in pursuit of innovative approaches." More recently, McKinsey found that working to improve gender equity in the workforce and other areas after COVID-19 could add as much as $13 trillion to global GDP in the next seven years. "Instead, the key is that the organizations have built inclusive cultures that enable everyone to thrive. "It's not because women necessarily have superior skills," Kathy Caprino points out in Forbes. Per the 2018 Global Leadership Forecast, businesses, where women held 30% of positions and 20% of senior leadership roles, were nearly one and a half times more likely to enjoy sustained and profitable growth. Creating more and better opportunities for women in leadership – and paying all women equal pay for equal work – is the right thing to do and it leads to better outcomes. ![]()
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