Archive for Statistics & Facts
57 More Years Until the Gender Pay Gap will Close
Posted by: | CommentsThe gender pay gap isn’t isolated to the United States. According to a study by the Chartered Management Institute (CMI), if current salary trends continue, it will take another 57 years for the gender pay gap to close in the United Kingdom. In other words, another half century will go by before men and women will earn the same wages for doing the same work.
The Chartered Management Institute also learned in its recent study that female managers’ salaries did increase by 2.8% in the past 12 months (compared to 2.3% for men). However, those same female managers still earned an average of nearly $16,000 less than their male counterparts. That pay gap isn’t isolated to management positions. While the gap might vary a bit at different levels on the corporate ladder, it still exists. For example, the gap is smaller among junior management workers, but it’s even higher (24% gap) at the executive level.
Interestingly, it has been forty years since the Equal Pay Act was passed in the United Kingdom. However, it appears that it will take a full eighty years, nearly a century, for equal pay to actually become a reality.
Women and the Changing Global Economy
Posted by: | CommentsThe numbers have been coming in steadily over the past few years, and there is no way to deny anymore that women are taking greater control of the U.S. economy (and much of the global economy) and doing it quietly and quickly.
For example, back in 2008, U.S. News and World Report released data telling us that women controlled 60% of the wealth in the United States. That figure was estimated to be approximately $10-$12 trillion. At the same time, U.S. News and World Report projected that women will control $22 trillion of all wealth in the United states by 2020. That’s just a decade away!
Considering data released in 2009 by The Nielsen Company revealed almost all income growth in the United States over the past 15-20 years came from women, that U.S. News and World Report projection shouldn’t be very shocking. The Small Business Administration has reported in recent years that women-owned businesses are far outpacing all other businesses in terms of growth. The bottom-line is that women are making their presence in the economy better known.
Why is the Pipeline in Peril?
Posted by: | CommentsPost by Jane K. Stimmler, contributing Women on Business writer
We all know those dismal and annoying stats about women in business – we’re about half the workforce but only 3% of Fortune 500 CEOs, 15% of board of directors, and 13% of executive officers. It’s also true that women are making great strides and graduating with about half of the advance professional degrees, and that the “middle management” workforce is brimming with women. So, one would think that the future looks bright for more women at the top levels of business. That is, until they read the recent Catalyst report, “The Promise of Future Leadership: A Research Program on Highly Talented Employees in the Pipeline.”
Catalyst surveyed nearly 10,000 alumni who graduated from MBA programs internationally between 1996 and 2007 and found that “Among this highly talented group, women lag men in advancement and compensation from their very first professional jobs and are less satisfied with their careers overall.”
Surprised? I was, and wanted to give some thought to why this would be so. Here are some reasons I believe women aren’t making more progress:
Taking Over Male-Dominated Industries
Posted by: | CommentsPost by Veronica Eyenga, contributing Women On Business writer
According to WomenEntrepreneur.com and The Center for Women’s Business Research, the number of woman-owned businesses is on the rise. The biggest noticeable difference? Not all woman-owned startups are service industry based, a trend that dominated the last decade.
That’s right. With every new woman-owned company that pops up (in 2008, there were more than 10 million woman-owed companies), more and more are entering into male-dominated industries such as the technology and manufacturing industries.
In fact, according to the Center for Women’s Business Research, 32% of women business owners believe that being a woman in a male-dominated industry is beneficial.
Specific statistics about women in these industries is hard to come by. However, the women in them insist that their numbers are growing; they just aren’t receiving the attention from the press.
This growing trend is extremely promising. As we move into the second decade of the 21st century, it’s time for us to encourage our fellow woman entrepreneurs not be afraid of entering male-dominated industries.
Are you a woman entrepreneur in a male-dominated industry? Share your advice in the comments.
Celebrating the Advancements of Women
Posted by: | CommentsPost by Dr. Marsha Firestone, contributing Women On Business writer
In March, I wrote about celebrating Women’s History Month. The celebration has grown from International Women’s Day in the early 1900’s, to Women’s History Week in 1980, to the entire month of March when Congress voted in 1987. Since 1992, every U.S. president has issued a proclamation declaring March to be Women’s History Month. In my original post, I had discussed the advancements women have made in the workforce, but I would also like to share some facts and figures about the advancements women have made in other areas.
Merchant Cash Advance Financing: The Good, the Bad, and the Ugly
Posted by: | CommentsOne of the first rules for survival in the Wild West also applies to business- resourcefulness, or making the best use of what you’ve got- is one of the best ways to make sure you survive tough times. With loan default rates higher than they’ve been in quite a while, traditional financing is becoming harder to find, especially for new or smaller businesses. If a loan is not an option, what can you do?
Can Principles of Equilibrium Increase Achievement?
Posted by: | CommentsRecent polls this week indicate that Americans look with empathy on small business owners that are forced to close their doors due to impacts of this economy. While there seems to be no shame in the cry for mercy, there is a significant feather for the cap of those who have uncovered the secrets for survival. I observed a sales training specialist this week exclaiming that the answer to our dipping sales efforts is to essentially attempt to break the 80/20 principal by focusing only on those 20% tasks that make 80% of the profits. If Pareto’s Law is truly a law of nature, is that breaking possible?
Women’s History Month
Posted by: | CommentsPost by Dr. Marsha Firestone, contributing Women On Business writer
March is Women’s History month, a chance for us to look back on all the advancements women have made. Celebrating women’s history began in 1978, as “Women’s History Week.” There was a largely positive response, and as word spread, more and more people started recognizing this week, even in school curriculums. It wasn’t until 1987 that the National Women’s History Project petitioned to Congress in order to have a whole month dedicated to Women’s History.
March has officially become Women’s History Month gaining acknowledgment and appreciation throughout the nation. Specifically, the National Women’s History Project is dedicated to promoting women’s history awareness. Their 2009 theme for March is “Women Taking the Lead to Save our Planet,” honoring women who have taken the lead in the green movement. For more information on The National Women’s History Project, click here.
Women have made huge advancements specifically in the business world. Revenue for women-owned businesses in 2002 was $939 billion, up 15% from 1997. That number has grown even more to $1.9 trillion being generated by the 10.1 million women-owned firms today.
