A recent report developed by Washington, D.C.-based nonprofit the Institute for Women’s Policy Research (IWPR) revealed that women employed in Colorado will not be receiving equal pay compared to men until 2057. The report took into account many factors; women’s status on the level of earnings, the gender-wage gap, labor force participation and women’s representation in professional and managerial positions.
Colorado is clearly not the only state to be affected by unequal pay for women; nationally women are not expected to achieve equal pay until 2058. What does this mean for your clients? Employers must tread carefully when it comes to these issues, as they open the door to Employment Practices Liability exposures for their business when making decisions based on an applicant’s gender.
According to the U.S. Census Bureau data, female employment is not evenly distributed across the nation. Despite progress in gender equality in many parts of the country, women’s status on employment and earnings either worsened or stalled in nearly half of the U.S. over the past decade, according to IWPR president Heidi Hartmann. The states most affected include Virginia, Utah, Louisiana, North Dakota, and Wyoming.
Hartmann states, “When half the country is not seeing any gains in women’s employment and earnings, it is a concerning prospect for the nation’s economy as a whole.”
BusinessNewsDaily.com recently reported that some new research has found that although companies are very well-intentioned when it comes to increasing gender diversity, businesses still have a long way to get there. So what can your clients do better? Research shows that senior leaders should always be involved in the process of developing gender diversity; when they take an active role in these efforts it can lead to an accelerated representation of women in executive roles, and thus with higher pay.
At PL Risk Advisors, we understand the implications that hiring practices can have for your clients, especially Directors and Officers. We also understand that whether you’re head of a large corporation or a small business owner, Employment Practices Liability Insurance (EPLI) should be party of your comprehensive insurance program. Please contact us today at (855) 403-5982 to learn more about our EPLI policies and other products.
Share this post
