Closing the Gender Pay Gap: 5 Steps to Move the Needle

Building Up Women In Property

Today, we’re continuing our conversation around the gender pay gap. Last week, we delved into the complexities of this issue, and now I want to look to the future and how we can close it. I’m going to share five actionable steps you can take to drive equality, whether you're tackling it individually or organisationally.

Step 1: Building the Business Case for Gender Equality:
We know how beneficial gender equality will be for women, but businesses exist to make money. If we want them to work towards gender equality, we’ll need a clear outline of the ways it can benefit them. One consistent finding for research has been that diversity drives better decisions that lead to increased productivity and profitability. In short: organisations with diversity perform better.

Step 2: Securing Leadership Commitment:
Leaders have a strong influence on workplace culture, so if they aren’t on board with new initiatives, they can easily fail. This is why it’s essential to get leadership committed to gender equity strategies. Then they can set clear objectives, supply resources, and act as a role model, which sets the stage for success.

Step 3: Developing a Comprehensive Strategy:
Once you have a strong business case and leadership on board, you’ll need a comprehensive strategy for addressing the gender pay gap. Start by thinking about the current state of the organisation and the specific considerations it will need. It’s more than just “how can we close the gender pay gap”.
It could be how can we mainstream flexible working? How can we promote professional development in our team? How can we apply a gender lens to our policies? Identifying these focus areas is a crucial step in building a more inclusive and diverse workplace.

Step 4: Fostering an Inclusive and Supportive Culture:
Many people are uncomfortable with change, but this doesn’t mean we should leave them behind. Taking the time to have thoughtful honest conversations can show people the way forward isn’t scary but beneficial for everyone. This requires a strong foundation of trust that allows people to ask questions and be authentic.

Step 5: Continuous Monitoring and Accountability:
Continuous monitoring and accountability are key components in closing the gender pay gap. If we aren’t paying attention to our progress, it’s easy to fall off track completely and not realise it for a long time. We need businesses to set ambitious goals and to speak openly and frequently about them.

By embracing these actionable steps, organisations and individuals can create a more inclusive, equitable, and diverse workplace. So let's continue this journey together, striving for a better future.

Resources:
WGEA Gender Equality Strategy Guide - https://www.wgea.gov.au/sites/default/files/documents/2019_WGEA_GE_Strategy_Guide.pdf
Five Dysfunctions of a Team - https://www.amazon.com.au/Five-Dysfunctions-Team-Leadership-Fable/dp/8126522747
Connect With Me:

Exceptional Leadership Framework: https://www.rebeccabangura.com/5-step-framework-to-exceptional-leadership

Book your strategy call: https://calendly.com/rebeccabangura/get_in_touch

Website: https://www.rebeccabangura.com/

LinkedIn: https://www.linkedin.com/in/rebeccabangura/

Instagram: https://www.instagram.com/iamrebeccabangura/