Women in India as well as across the globe earn on-average 16.1 percent less salary than men as there are fewer women at higher-paying roles, says a Korn Ferry report.
In line with the Korn Ferry Gender Pay Index, pay gap between men and women is real but the disparity becomes much smaller while analysing same job level, same company, same function.
Globally, while considering the same level at the same company, the gender pay-gap reduced to 1.5 percent. And when the male and female employees were at the same level and the same company and worked in the same function, the typical gap amounted to 0.5 percent.
In India, when evaluating the same job level, the gap is 4 percent, and when it comes to the same level at the same company, the gap fell to 0.4 percent. When male and female employees at the same level and the same company worked in the same function, the gap fell to 0.2 percent.
Researchers analysed information from Korn Ferry’s pay database to produce the Korn Ferry Gender Pay Index. The Index can be an analysis of gender and purchase significantly more than 12.3 million employees in 14,284 companies in 53 countries across the globe.
“While there are still a number of organisations that pay women less for the same role, normally, once we compared women and men in the same job, the gap is significantly reduced,” said Bob Wesselkamper, Korn Ferry head of Rewards and Benefits Solutions.
Wesselkamper further noted this pay gap issue may be remedied if organisations address pay parity across the organisation and continue steadily to strive to improve the percentage of ladies in the best-paying areas of the labour market, including the most senior roles and functions such as for instance engineering and other technical disciplines.
The gender pay-gap in India is significantly more than China, which stood at 12.1 percent. The pay gap in a number of the representative nations like Brazil stood at 26.2 percent, France 14.1 percent, Germany 16.8 percent, the UK 23.8 percent and the US 17.6 percent.
“Pay parity is still a very real issue, but it’s an issue that may be addressed when there is a continuing effort to enable, encourage and select talented women to take on and thrive in challenging roles,” said Reena Wahi, Client Partner, Korn Ferry Hay Group.