Closing the Gap: What Equal Pay Day Means for Women in Business

Every year, Equal Pay Day marks the symbolic date on which women effectively start working “for free” compared to men’s average earnings, due to the ongoing gender pay gap. This year, Equal Pay Day falls on 20th November, according to the Fawcett Society, a leading UK charity advocating for gender equality. Despite progress, the gender pay gap remains a persistent issue, one that’s especially relevant for women in business as they strive for equal recognition, compensation, and opportunities.

Understanding the Pay Gap: More Than Just Numbers

The gender pay gap is often expressed as a percentage difference between men’s and women’s average pay across sectors. In the UK, women are paid, on average, 15% less than men for comparable roles, a figure that fluctuates based on age, industry, and seniority. For women of colour, those with disabilities, and older women, this gap can be even wider, highlighting the compounded barriers many face in the workplace.

Why the Gender Pay Gap Persists

Despite equal pay laws in place for over half a century, gendered expectations around work continue to create obstacles for fair pay. Women are more likely to be in lower-paid sectors, more likely to work part-time, and more likely to face career breaks, often due to family responsibilities. Even within higher-paid roles, data shows that women are often promoted at a slower rate and still face barriers to accessing leadership positions.

Taking Action on Equal Pay Day

For women in business, Equal Pay Day is a reminder of the importance of transparency, advocacy, and self-empowerment in challenging these disparities. Here are a few actions to consider:

• Know Your Worth: Regularly benchmark your salary and be ready to advocate for pay that reflects your value and experience.
• Push for Transparency: Support initiatives within your organisation that disclose pay scales and average salaries across genders.
• Network for Success: Join networks like Netwomen that focus on DEIB and women’s advancement, where you can gain support, insights, and opportunities to close your personal pay gap.
• Invest in Development: Consider professional courses, training, and networking events to boost visibility and access to roles that offer fair compensation.

A Call to Employers

Organisations have a critical role in closing the gap. Creating transparent pay policies, conducting regular audits, and ensuring promotion pathways are accessible to women and underrepresented groups are steps every company can take to foster an equitable workplace. When companies prioritise fair pay and equitable opportunities, they support a diverse talent pool and drive higher levels of innovation and performance.

Join the Conversation

Equal Pay Day is more than just a day; it’s a movement towards equity and fairness for all. This 20th November, let’s use our voices and our platforms to advocate for fair pay. Join us at Netwomen as we support this ongoing effort towards a future where everyone has equal opportunity to succeed and thrive in their careers.