Coalition aims to end gender pay gap for pre-IPO companies by 2027
The Fearless Girl statue is adorned with a jabot collar outside of the New York Stock Exchange. This collar was placed in memory of Associate Justice of the Supreme Court of the United States Ruth Bader Gingsburg, New York City.
Organizations for Pay Equity Now is a new alliance. OPEN Imperative, which was launched Tuesday to eliminate the gender pay gap between preIPO start-ups and post-IPO ones by 2027.
According to OPEN Imperative, the alliance has been joined by more than 200 investors, CEOs, and founders. The members include Prezzee digital gift cards, Landed mortgage lender, Hearken newsroom consultancy firm, and more than 200 investors. NextdoorA social network platform that is neighborhood-based.
Emily Sweet, OPEN Imperative’s lead, stated Monday that working with pre-IPO businesses is “exciting” and said, in a panel.
Sweet stated, “These people are going to be the founders and CEOs of large enterprises in the future. And if they’re able to start building these processes from the beginning, then it will continue growing with the company.”
OPEN Imperative members promise to decrease gender pay gaps in their first year. This initiative provides members confidential access to an audit of their performance in gender equality.
According to Anonymous, access to data on compensation is the biggest barrier to closing gender pay gaps. OpenComp surveyThere are 500 CEOs, CFOs, and HR professionals in start-ups.
OPEN Imperative’s CEO Thanh Nguyen, OPEN Imperative’s founding partner, stated “Expose the problem so that you can really activate change.” If you hide the data, or don’t search for it out, you won’t be able to make any progress with it.
The panel also discussed other best practices, such as sharing pay ranges in advance and not asking about past salary histories.
It coincides this year with the announcement Tuesday Equal Pay DayIn the U.S. This symbolic day shows how much work women will need to do to earn the same amount as men in the next year.
The U.S. women earned an average of 83 cents per dollar for men in 2020 according to Census Bureau data. These figures are for year-round full-time employees aged 15 years and over. According to Census Bureau data, the wage gap between men and women of color is even greater when they are broken down by race or ethnicity. AAUW.
Equal Pay Day could be moved to January 31, 2023 if the coalition achieves its goal of reducing gender pay disparities by 60%. This is 43 days earlier than it was this year.
C. Nicole Mason is a member of OPEN Imperative’s advisory board and the president and CEO at Institute for Women’s Policy Research. She stated that equitable compensation helps to retain employees, increase productivity and improve goodwill between employers and employees. It’s a win-win situation for employees and employers.