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Working to close the gender gap

Working to close the gender gap

Marc Benioff is investing millions to shut down the gender pay gap in Salesforce.

During a salary study performed in 2015, Marc Benioff came across relevant information regarding Salesforce, his company: women were not earning as much as men.

It has become a challenge to to match female employees’ salaries to those of their male counterparts. Image: ATLAS

By analyzing more than 17,000 salaries by pay, job function, level and location, Benioff realized adjustments were necessary to emend the pay disparity, so he spent 3 million dollars –twice! – to do so.

Now, Marc Benioff has promised to look upon the gap on a regular basis, and by doing so, Salesforce, a company with a market cap of 66 billion dollars, has established itself as a leader in narrowing the gender-wage gap.

As efforts double, Benioff was recently named second as the “Global Champion of Women in Business”, just behind Deloitte’s Rana Ghandour Salhab.

After them, Teresa Ko from Freshfields, Peter Grauer from Bloomberg and Cate Luzio from HSBC complete the top-five in the 10 Global Champions of Women in Business.

The U.S. gender gap is closing in… but there is still much to accomplish

54 years have passed since the Equal Pay Act was signed in the U.S., however, a substantial gender wage gap is seen between American men and women.

According to the Senate Joint Economic Committee Democratic Staff report, a woman in the U.S. currently earns 79 cents for every dollar a man earns, while annual earnings for women rank over 10,500 dollars less than men.

The report also shows Black and Hispanic women are most affected by the wage gap, especially when compared to white men.

Among senior adults, wage gaps are a peak more noticeable, as in total, women over 65 collectively earned 641 million dollars, as men over 65 earned 965 million, meaning women earned 66% of what men made.

Click here to learn about pay disparity between men and women in soccer.