Home Tags Gender pay gap
Tag: gender pay gap
The gender pay gap is holding back African economies from unlocking their true potential. The impact of the COVID-19 pandemic has resulted in widespread job losses globally, disproportionately affecting women more than men. It is more urgent that ever to address the lack of gender equality on the African continent across all spheres of society.
When we think of gender inequality in the realm of money, the perennial pay gap springs to mind. It remains a problem. The 2020 Momentum/UNISA Household Financial Wellness Insights report estimates that, on average, women earn around 30% less than men in similar jobs in South Africa.
It’s been proven time and again: diversified businesses do better. McKinsey’s 2020 diversity report shows there’s a robust relationship between diversity at executive level and the likelihood of financial outperformance. There’s no doubt that women make an outstanding contribution to the financial services sector, but global trends indicate the industry’s transformation is slow.
The recent economic reconstruction and recovery plan delivered by South African President Cyril Ramaphosa, emphasised the intention of Government to assist female-led businesses that have experienced hardships as a result of COVID-19.
Although South African women are making great strides within the workplace, corporate South Africa has more work to do to effectively transform boardrooms. The COVID-19 pandemic has further exposed deep-rooted inequalities in social, political and economic systems, and has demonstrated the importance of the unique skills that women bring to societies.