The gender pay gap is growing

By Teamspirit on Friday, 28 October 2016

A new report by the World Economic Forum forecasts that it could take 170 years to close the gap in pay and employment opportunities between women and men, a dramatic increase from 118 years last year.

In fact, according to the WEF the global economic gender gap has now widened to 59% a level similar to that observed at the height of the financial crisis in 2008.

This gap is caused by a range of factors, including women globally being paid almost half of what men are, working almost an hour longer each day, and having less access to senior roles.

Crucially, increased automation in sectors like sales and administration, which have traditionally had higher than averaged levels of female employment, is having a significant – and potentially growing – impact on the gap.

This observation should be particularly concerning for financial services and fintech, which are driving automation at a very fast pace.

The report does highlight some good news, though, predicting that the education gap could close in as little as 10 years, while inequality in politics is rapidly improving.

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