Despite numerous initiatives by both the government and private sector to empower women, addressing the gender pay gap remains a pressing issue. According to a recent World Bank report, only 35 out of 98 economies worldwide have implemented measures or enforcement mechanisms to tackle this gap.
In India, the COVID-19 pandemic has disproportionately impacted women, leading to a 7 percent increase in the gender pay gap between 2018-19 and 2020-21, as per estimates from the Periodic Labour Force Survey (PLFS).
Priyanka Gulati, a partner at Grant Thornton Bharat, emphasizes the need for inspiring more women to take charge of their careers, promoting women to leadership and board roles, and better monitoring of government policies such as the Equal Remuneration Act.
Shalini Nair, co-founder and board director of Ennoventure, underscores the importance of stricter implementation of policies addressing the pay gap. She highlights that only 35 out of 98 economies have enforced legislation mandating equal pay for equal work, according to the World Bank’s ‘Women, Business, and the Law’ report.
Anoop Bhargava, CEO and director of Empire Centrum, draws attention to the gender inequality in the Indian real estate sector, as revealed by the Pink Collar Skilling report. Women workers in this sector earn 30-40 percent less than their male counterparts, indicating the presence of gender disparities.
Bhargava suggests that leveraging technology in the real estate industry could help bridge this gap. Property technology has the potential to improve various aspects of the business, offering opportunities for women to thrive and contribute equally.
Aman Dhall, an angel investor and founder of Commscredible, highlighted that while the gender pay gap remains a global concern, it should not be the sole metric for assessing organizational inclusivity and fairness in pay structures.
According to Dhall, other factors such as employee roles, skill sets, and contributions to operational excellence and bottom-line results are crucial for evaluating pay differentials within an organization.