Citi continues to level set equal pay for employees and businesses
Citi’s work in pay transparency is a pacesetting move within an industry has thewhen compared to other major commercial sectors. In a blog post by Sara Wechter, Head of Human Resources, the global banking corporation detailed their continuing commitment to creating equal pay. “As we’ve said before, transparency breeds accountability and we took that important first step last year in disclosing our pay equity results.
Despite reports that imply that the pay gap is stagnant, experts have a different perspective. Natasha Lamb is Managing Partner and Director of Equity Research & Shareholder Engagement for Arjuna Capital, and she was positive about the modest but important 2% improvement. “Citigroup’s results show exactly the kind of year over year progress we are hoping to see with our investment portfolio companies,” she said, via email.
But pay transparency is an important first step, and this policy seems to help many women not only get equal on pay, but even help women do modestly better than their male colleagues. “PayScale’s research shows that when respondents work in an organization that has more transparent pay policies, the gender pay gap essentially vanishes. In fact, our research shows that women may earn slightly more than men when they do the same job. With pay transparency, women earned between $1 and $1.
While organizations making intentional change can spur equal pay, other fronts of pay and wealth parity lag behind. Citi pairing their internal and external efforts appear to be more comprehensive in driving change. “It takes companies of all sizes to address the challenges our society faces today,” said Citi CEO Michael Corbat.
There is still a long way to go before we have full pay parity, but every change signals growing momentum towards corporations understanding how vital equal pay is to the economy. “This is a great start,” said Lamb. “Citi goes well beyond peers who have not even disclosed these raw numbers.”
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