Although the gender pay gap varies from country to country, a near constant is that it disfavours women.

Source: ISS Insights

On average, women globally are paid about 20 percent less than men, the International Labour (ILO) Organization said on International Equal Pay Day.

Is anyone doing anything about this?

Yes, the United Nations established 17 interlinked global goals in 2015 designed to be a "shared blueprint for peace and prosperity for people and the planet, now and into the future." They're referred to as Sustainable Development Goals (SDGs).

• SDG 8.5 targets "By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value."

• A few countries are on track: Costa Rica, Columbia, Denmark, Ireland, Norway, Sweden, Belgium, Italy, and New Zealand.

What can businesses do?

Systemic issues require systemic solutions. Conduct an audit, incorporate correcting for discrepancies in strategic plans, and set goals.

• Begin with a pay equity audit that collects and analyzes detailed information about your employees, including their tenure, job classification, education, department, and demographics.

• Conduct an analysis on a small set of job roles—one that you think will reflect well on your pay equity practices, one that may not, and a few other selections—and perform a compensation comparison.

• Connect gender pay equity to business priorities. For example, gender pay equity should be a key pillar of your DEI strategies to create a more inclusive workplace and improve employee engagement and satisfaction—regardless of gender or identity.

How can businesses set goals to close the gender pay gap?

• In an OKR framework, start with a clear, compelling objective—All employees receive merit-based compensation, regardless of gender.

• Create three to five key results that allow you to track progress toward your overall goal. One key result might be “achieve and maintain 100% base pay equity for employees in comparable roles.”

According to the UN, at the current rate, it will take 257 years to close the global gender pay gap. We have got to do better.

Want to learn more? https://gtmhub.com/resources/category/diversity-equity-inclusion