The yearly pay gap in the USA reaches close to $10,000, while disparities in top positions can be as high as $25,000. Anyone can check what this means for their salaries (versus the opposite gender) and also by race/ethnicity
As we celebrate International Women's Day, and the progress we’ve made towards a more equal society, it's important to remember that the gender pay gap still remains a significant problem. That's why Omni Calculator has created an innovative tool that empowers women to fight for fair and equal salaries. Did you know that women effectively work up to 68 days for free every year, compared to men?
The average salary of an American worker is 54,132 USD, according to the recent data from U.S. Bureau of Labour Statistics. Using a tool prepared by a polish technology company, Omni Calculator, we can find out how much a woman will earn, based on average salary data. Thus, if we enter the above value into the calculator, the annual salary of women is just over $46,000.
The time to act is now
Just two years ago, the percentage of women on the boards of European and North American companies was 24%. By the end of 2022, this figure had already risen to nearly 30%, reports a publication by the Moody's rating agency. Despite the fact that the representation of women in management or supervisory boards, both of smaller and largest companies, is steadily increasing, the phenomenon of the pay gap is still present. Helping to combat it is undoubtedly the fact that companies and institutions are steadily finding that diversity has its effects on business performance. This is evidenced, for example, by a study by NEOMA Business School, whose analysts argue that a greater number of women in senior positions within organizations leads to de-escalation of business risks and higher efficiency of teams.
Nonetheless, many challenges remain on the road to bridging the inequality gap, and this often becomes a reason for women to leave their current jobs and seek new ways to continue their careers. As McKinsey's publication Women in the Workplace 2022 reports, companies today face the most intense problem in years of women resigning from managerial or director positions. McKinsey experts report that globally, for every woman promoted to top positions in a company, two others leave their current workplace.
With just a few clicks, users can easily input their salary, gender, and race/ethnicity to see how their pay compares to the opposite gender. The calculator also converts the pay gap into the number of days a woman works for free compared to a man, making the issue more relatable and tangible. For example a Latino/Hispanic woman make only $864 for every $1000 a Latino/Hispanic man makes, meaning she is effectively working for free until 19th of February every year, compared to a man in a similar position.
Of course, the differences will be much higher if the wage level increases. It is worth visualizing their scale for the average salary for the position of director in the United States. According to Glassdoor data, the base salary for a director in the United States is currently $139,645 per year. If, using the Omni Calculator tool, the calculation is made for a white man and a white woman, it will turn out that the woman will get a salary of $115,903 for the same position. This is as much as nearly $24,000 difference per year.
We encourage everyone to use our calculator and other tools to become more knowledgeable about gender inequality and to take steps to close the pay gap. Together, we can make a difference and create a brighter future for all. The tool is available for free here: Pay Gap Calculator