While the month of March may conclude the emphasis and focus on women, the issues surrounding the pay gap will continue beyond this moment. It’s no secret that women receive lower compensation than men for executing the same responsibilities or jobs. While young girls and women should choose careers in all walks of life, there are disciplines in which women are recognized and compensated more closely to their male counterparts than others. Conversely, there are those careers in which the pay between women and men are larger. In today’s Money Monday, I want to offer a perspective of hope, solutions and options in moving forward.
Current State of Affairs
When you look at the gender pay gap between men and women on the surface, one can conclude that the inequity is bad. But a closer examination of the issue, or if you really look under the hood, the situation can more aptly be described as abominable! For example, one would conclude that if a woman earned an MBA, the divide between what she earns and that of her male counterpart with an MBA would be equal if not closer to equal. However, according to a report from the company Payscale, the pay gap is even wider between women with MBAs and men with MBAs!
Let me just expose the current reality. Women whose careers are in the areas of nonprofits, finance, transportation and health care, experience the largest pay gap inequity. According to the Bureaus of Labor and Statistics (BLS) women constitute an estimated 76% of the health care labor force, while only receiving .86 on a dollar. In other words, what the data is telling my mother, sister, auntie, cousin or wife is that she should expect to earn less than a man if she chooses a career in one of these professions. While this is no consolation prize, the report indicated that the gap between men and women with law degrees seems to be the narrowest.
Where Women Could Thrive
Entrepreneurship is a major way to fix gender pay gap inequity. We need more female business owners in America! Greater female business owners can lead to hiring, promotion, advancement, mentorship in leveling the playing field.
According to the United States Census Bureau women owned businesses are on the rise. An estimated 20% of all businesses that employ workers in the country are women owned. It is noteworthy that as per the last census, the reported annual average payroll per women-owned businesses for women employees, was almost $19,000.00 greater in Washington DC than that of the national average.
There are some areas where women are absent, most needed, and where the compensation gap is the smallest. For example, the gender pay gap between men and women in real estate leasing and renting where the gap is 94 cents per each dollar, and construction, where the compensation is .90 cents per each dollar earned by a man. There are also professions where women are needed such as angel investor, venture capitalist and real estate flipping of houses, to highlight a few.
Another strategy towards closing the gender pay gap is through education. Women pursuing higher educational degrees will aid in closing the wage gap. According to a Brookings Institute report in 2022, women are more likely to receive bachelor’s degrees over their male counterparts. However, there are still states in the country in which men have higher degrees or are more educated than women and thus the gender pay gap persists.
Finally, perhaps the greatest assistance in closing the gender compensation gap could occur in two ways. The first would be pay transparency. This would result in fairer compensation for the genders in executing the same work. The other area would be for men in positions of authority to advocate for their female colleagues to receive fairer compensation.
While this article highlights women and possible fixes to the gender pay gap. It will take more than just women to achieve success in leveling the playing field. It will also require more than just 31 out of 365 days each year, to make the goal a reality.
That’s WHAT’S UP!
Let’s talk tax scams. As we approach the peak of tax filing season here are four things the IRS will not do.
1. The IRS will not call and demand immediate payment through credit, debit card, prepaid card, gift card or wire transfer.
2. The IRS will not call and threaten to have you arrested and bring in law enforcement if you fail to pay.
3.The IRS will not demand immediate payment without giving you an opportunity to appeal.
4. The IRS will not call unexpectedly about your refund.
If any of these should happen to you, most likely, it’s a scam. And that’s what’s up!
Ruthven R. Phillip, Esq., is a tax attorney, Stewardship and Philanthropy Ministry Assistant, and CEO of Give2Getrich, LLC . Give2Get Rich, LLC 2023. All Rights Reserved. Any distribution or reproduction of part or all of the contents in any form is prohibited.