40 - Younger Workers and the Gender Pay Gap
Tease: Younger workers are very comfortable negotiating their salary—and that’s a good thing, given that women still make less than men. Let’s talk about it on The Perna Syndicate, coming up next.
Ep 40 show:
Welcome to today’s show! I’m your host Mark Perna. This week, we’ve been talking about the bold approach that millennials and Gen Z are taking in their salary negotiations. But younger women have an extra hurdle to overcome in their bid for fair compensation.
Even in this day and age, women are still making less than men in the same jobs. According to the 2020 Gender Pay Gap Report, women make only 81 cents for every dollar a man makes.
But things are changing as Millennial and Gen-Z women are moving up in the workforce. They have no problem getting vocal about the inequities—and they’re not going to settle for lower pay for the same work.
According to the Randstad study we talked about yesterday, a majority of all women, regardless of generation, report they’re considering leaving their job because they believe they’re underpaid. (Only 41% percent of men say the same.) Additionally, 72% of women, versus 59% of men, say they’d make a lateral move to another company just to receive a jump in salary—a raise they wouldn’t get if they stayed at their current employer.
Companies that want to attract and retain the best talent—male or female—have to be ready to pay for it. A gender pay gap should have no position in the modern workplace—and the up-and-coming millennial and Gen-Z workforce just won’t stand for it.
Take your career journey to the next level with more insights from my book, Answering Why: Unleashing Passion, Purpose, and Performance in Younger Generations.