March is Women’s History Month, with this year’s theme focusing on the future of women in all aspects of society, including business. So, today I wanted to share some insights into just how close we’ve come to breaking the glass ceiling in the U.S. workplace, but also how prevalent and ingrained gender inequality still is.
At the end of this blog, I also will address how women have fared in the real estate industry. You may be (pleasantly) surprised!
Here are some stats and facts about gender inequality and the pay gap in the workplace:
- Currently, only 4.8% of all CEOs for the Fortune 500 are women.
- That means women make up nearly half of the workforce (47%), yet less than 1 out of every 20 CEOs is female.
- The worst part is that the percentage of female CEOs has declined since 2017, when that number was up to 6.4%. But with such a small sample size, a few key resignations (Denise Morrison of Campbell Soup, Meg Whitman of Hewlett Packard, Sheri McCoy of Avon, and others) dropped that percentage sharply.
- But the Chief Executive Officer’s corner office isn’t the only one usually unoccupied by women. Across all professional firms surveyed, only 40% have at least one woman in a management position at all.
- 39% of men still don’t believe that the gender pay gap is real, but 42% of women say that they’ve experienced gender discrimination in the workplace.
- When it comes to bringing home the bacon, women now earn 80.3% of the income men receive for the same position.
- That means women earn an average of only $806 weekly compared to $1,004 for men for the same job, experience, qualifications, etc.
- For professional or white-collar jobs, women earn only 68.7% of that of men, and that falls even further to 66.2% for women with advanced degrees.
- Not only do men earn far more in professional and management jobs, but they hold those positions 62% of the time, compared to just 38% for women. Women also make up only 34% of senior managers, 29% of Vice Presidents, 23% of Senior VPs, and only 22% of C-suite executives.
- While women have made strides to close the gender pay gap, if female income growth continues at the same rate as it has since the 1970s, it will be 2059 before women earn as much as men!
- When men are responsible for hiring decisions, there’s only a 40% chance that a woman ends up with the position. However, that evens out to 50% when a woman is responsible for the hiring decisions.
- Likewise, HR managers are 13% more likely to click or consider a male candidate’s job application than a woman’s, and women are 30% less likely to be called in for a job interview.
- Even when the job is won, the gender inequality gap is profound when it’s time for raises and advancement.
- For instance, men are 400% more likely to ask for a raise! And when women do request a pay raise, they typically ask for 30% less of a salary bump than their male cohorts.
- Overall, men are granted pay raises 20% of the time once requested, but women’s pay raise requests are granted only 15% of the time.
While this is all patently unacceptable, there are a few bright spots for women in our current business landscape. In fact, the field of real estate (and mortgage, to a lesser degree) finds women well-represented.
- According to the National Association of Realtors (NAR), 67% of all Realtors (a designation held by real estate agents) are women in 2019. Furthermore, among the NAR, women make up 56% of all licensed brokers.
- While women are definitely blazing new trails and excelling in the real estate industry, they are still becoming CEOs, executive directors, or filling top-level corporate roles at a dismally unequal rate. Only 12% of real estate firms have a woman as CEO or in those positions, and only 7% of companies with more than 100 employees have a woman in the top leadership role.
This March and beyond, let’s keep up the fight for women’s advancement in business and equal pay!
Sources: CNBC.com, BLS.gov, Phys.org, Hbswk.hbs.edu, PewSocialTrends.org, WeForum.org, HBR.org, RealEstateExpress.com, NAR.com, Smallbizgenius.net, Dol.gov