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Infographic: A Closer Look at the Wage Gap

Much of the recent discussion around women in the workplace has centered on pay inequality between men and women, with one popular statistic often cited: On average, women earn only 77 cents per dollar, compared to their male counterparts. But a new infographic from the website topmanagementdegrees.com titled “Why Women Don’t Make Less Than Men” takes a closer look at that well-touted claim and examines five factors impacting pay inequality: occupations, positions, education, job tenure and hours worked per week. According to the infographic below, when you factor in those issues, the wage gap between men and women shrinks to a nickel, with women earning 95 cents per dollar, compared to men. Choice of Occupation When it comes to careers, women often choose the lower-paying route, such as health and education, while men opt for more lucrative options, mainly in STEM (Science, Technology, Engineering and Math). A recent article in The Daily Beast explained the wage gap this way: “Much of the wage gap can be explained away by simply taking account of college majors. Women, far more than men, appear to be drawn to jobs in the caring professions; and men are more likely to turn up in people-free zones. In the pursuit of happiness, men and women appear to take different paths.” Working Moms vs. Working Dads The infographic also found that women with children under 18 had a much harder road to advancement compared to men, with 51 percent of working mothers saying it was harder to advance, compared to 16 percent of men. Working moms also face career disruptions -- such as reduced work hours, taking time off, quitting a job or turning down a promotion -- at a higher rate than men. Closing the Gap According to Randstad’s latest Employee Engagement study, women want more visible female leadership and family-friendly work policies in order to advance to leadership levels, which can in turn close the wage gap. Some highlights regarding what companies can do to promote women in the workplace:

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Women: The New Financial Power Players

Here’s an unexpected silver lining to the Great Recession: Some women have not only survived those turbulent economic times, but have emerged with a new sense of financial savvy.

According to new findings from The Allianz Women, Money, and Power Study — which surveyed more than 2,000 women ages 25-75 with a minimum household income of $30,000 a year –  some women, identified as “Women of Influence,” have a higher need for financial control, and more desire for increasing their financial knowledge, according to the study.

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