Citi’s work in pay transparency is a pacesetting move within an industry has the largest pay gap when compared to other major commercial sectors.
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.”
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How Citi Is Continuing To Level Set Equal Pay For Employees And BusinessesCiti announced the launch of a $150 million Impact Fund that will make equity investments in women- and minority-owned businesses that are making a social impact:
Read more »
How Citi Is Continuing To Level Set Equal Pay For Employees And BusinessesCiti announced the launch of a $150 million Impact Fund that will make equity investments in women- and minority-owned businesses that are making a social impact:
Read more »
SoftBank says former employee arrested on suspicion of leaking company infoA former employee of SoftBank Group Corp's wireless business has b...
Read more »
Citigroup recorded a 27% gender pay gap — so it hiked some women's wagesA staggering gender pay gap at one of the U.S.'s top Wall Street banks has prompted the company to readjust the salaries of some of its female employees.
Read more »
Jamie Dimon’s Salary Rises To $31.5 Million In 2019, Amid Record Bank ProfitsThe J.P. Morgan Chase CEO looks set to remain the highest paid bank executive in the U.S.
Read more »
Google will 'iterate' the design that made it harder to tell ads from search results following backlashGoogle's recent changes to its search results, which have blurred the lines between paid and organic content, come as the company deals with a fluctuation in its core business.
Read more »