August marks Women’s Day in South Africa, a day
commemorating the efforts of more than 20,000 women of all races, who marched
to the highest political office in the land, on the morning of August 9 in
1956, to raise awareness around women’s rights and present a petition against
the carrying of passes by women, to the then prime minister.



More than six decades on, the call for the equitable
treatment and acknowledgement of women’s rights remains a battle for a global
community of women – for recognition and also for fair and equitable economic
opportunities.



Think back to the recent FIFA Women’s World Cup, where champions, USA, returned home with the trophy but also a very small paycheck for their efforts. During their return tour, their victory was overshadowed by calls from supporters to ensure authorities offer them salaries equal to their male counterparts. 



READ MORE | <a rel="noreferrer noopener" aria-label="No Longer In The Wilderness (opens in a new tab)" href="https://www.forbesafrica.com/woman/2019/08/09/no-longer-in-the-wilderness/" target="_blank">No Longer In The Wilderness</a>



Whilst efforts have been made in this regard, the
discrepancies in pay between men’s and women’s football, much like many other
sectors, remain too large to ignore.



FIFA, the world governing body of football, doubled the
total prize money for the 2019 Women’s World Cup from $15 million to $30
million but it is still a fraction of the $400 million received by players in
the men’s tournament last year.



The disparity across sub-Saharan Africa is even more glaring. Despite a great showing from teams represented by Nigeria, South Africa and Cameroon, the reality for many local players is that there are no local leagues. As such, players are expected to train and perform at a professional level while still managing a separate full-time job to pay their bills and make ends meet.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">On closer inspection of recent data, one is hit with the enormity of the task at hand. The Global Gender Gap Report published by the World Economic Forum in December 2018, revealed that at the current rate of change, it will take about 108 years to close the overall gender gap and 202 years to bring about parity in the workplace. </blockquote>



This is a long time to wait for parity of any sort – what
more for the sports field, the political sphere and new digital industries that
are likely to emerge?



As women, we certainly can’t sit by the wayside in hopes of
being rescued from this dilemma. 



I believe that our focus and rhetoric need to be adapted and
realigned. I believe it goes beyond just empowering females, but unlocking
economic opportunities for all through the advancement of women.



It’s well documented that female-headed households lead to
the advancement of all and everyone wins. 



Beyond this, the recent FIFA Women’s World Cup reminded me that while the battle for gender equality remains a major challenge, the real issue is around equal and fair recognition – on the soccer field, in the boardroom and in places of political leadership.



READ MORE | <a rel="noreferrer noopener" aria-label="Businesses Of The Future: 20 New Wealth Creators On The African Continent (opens in a new tab)" href="https://www.forbesafrica.com/woman/2019/03/11/the-businesses-of-the-future-20-new-wealth-creators-on-the-african-continent/" target="_blank">Businesses Of The Future: 20 New Wealth Creators On The African Continent</a>



As a society, we should be empowering, supporting and
rewarding those who go above and beyond to achieve levels of excellence in
their respective sectors.



“We should all be feminists,” a popular quote by Nigerian
novelist Chimamanda Ngozi Adichie has a lot of truth to it, in driving the
awareness and active citizenry for change.



I believe we should take this a step further and we should
all be activists who reward excellence, regardless of race or gender. 



Let’s reward excellence! And the economic benefits will
naturally follow – for all. 



– Gugulethu Mfuphi is an award-winning radio broadcaster, financial journalist, conference moderator and CNBC Africa alumni. She was recently named one of South Africa’s 200 young leaders in media by Mail &amp; Guardian.

gettyimages-463406923-170667a

Not Just Equality, But Recognition Of Excellence

In a surprisingly transparent move, Citigroup revealed that female employees globally earn 29% less than their male counterparts, while U.S. minorities earn 7% less than non-minority employees.



Citigroup is the first U.S. bank to publish unadjusted pay gap figures, which the financial institution&nbsp;<a href="https://blog.citigroup.com/2019/01/global-pay-equity-at-citi" target="_blank" rel="noreferrer noopener">defined in a press release as</a>&nbsp;“the difference in median total compensation when we don’t adjust for factors such as job function, level and geography.”



When adjusted to account for these factors, however, the bank said that women globally are paid 99% of what men are paid on average and there is no statistically significant difference between the earnings of U.S. minorities and non-minorities at Citi.



Yet women also remain underrepresented in the bank’s top ranks, Citi’s analysis found. Though women account for just over half of Citigroup’s workforce, they make up just 37% of senior positions between the assistant vice president level and the managing director level.



Still, Citigroup’s wage gap and gender imbalance is far from unique within the traditionally male-dominated banking sector. Women account for just 19% of C-suite positions in financial services, slightly lower than the 22% average for U.S. women overall, according to a&nbsp;<a href="https://www.mckinsey.com/~/media/McKinsey/Industries/Financial%20Services/Our%20Insights/Closing%20the%20gap%20Leadership%20perspectives%20on%20promoting%20women%20in%20financial%20services/Leadership-perspectives-on-promoting-women-in-financial-services.ashx?mod=article_inline" target="_blank" rel="noreferrer noopener">McKinsey study</a>.



This lack of upward mobility creates a self-perpetuating cycle, in which women find it difficult to advance because there are are fewer women in executive positions who can help them climb the ranks.



Citigroup disclosed its compensation data following pressure from activist shareholder Arjuna Capital, which filed a&nbsp;<a href="https://arjuna-capital.com/news/press-release-arjuna-capital-commends-citi-for-being-first-u-s-company-to-disclose-global-median-gender-pay-gap-data/" target="_blank" rel="noreferrer noopener">shareholder proposal&nbsp;</a>asking the bank to report on its global median pay gap.



“This new level of transparency provides investors with baseline metrics to understand broad pay equity at the company,” said Arjuna managing partner Natasha Lamb, adding that investors view pay gap disclosures as “benchmarks to improved diversity in representation, and the performance benefits that diversity affords.”



Citigroup’s pay gap revelation reflects a growing push from investors for more diversity in companies’ leadership. Last year, BlackRock, the world’s largest asset manager, urged companies in which it invests to place&nbsp;<a href="https://www.blackrock.com/corporate/literature/fact-sheet/blk-responsible-investment-guidelines-us.pdf" target="_blank" rel="noreferrer noopener">at least two female directors</a>&nbsp;on their boards.



Large investors like&nbsp;<a href="https://www.marketwatch.com/story/vanguard-calls-for-more-diverse-corporate-boards-better-climate-change-disclosures-2017-08-31" target="_blank" rel="noreferrer noopener">Vanguard</a>&nbsp;and&nbsp;<a href="https://www.washingtonpost.com/news/on-leadership/wp/2018/03/07/embargoed-37-8-am-the-fearless-girl-statue-turns-one-today-what-the-campaign-behind-her-says-its-accomplished/?utm_term=.5e95a46c1ca1" target="_blank" rel="noreferrer noopener">State Street Global Advisors</a>&nbsp;have also led the charge for more diverse leadership among their respective portfolio companies.



“This is not simply just a good thing to do or corporate responsibility,” Lamb told&nbsp;<a href="https://www.bloomberg.com/news/videos/2018-01-16/citigroup-to-bridge-gender-and-racial-pay-gaps-video" target="_blank" rel="noreferrer noopener">Bloomberg</a>&nbsp;last year, after Citigroup pledged to increase compensation for women and minorities in an effort to bridge pay gaps. “There really is a profit motive here as well in order to attract and retain top talent.”



Countless studies have quantified the benefits of diverse leadership and an inclusive workforce, highlighting&nbsp;<a href="https://sites.lsa.umich.edu/scottepage/home/the-difference/" target="_blank" rel="noreferrer noopener">increased innovation</a>, strong&nbsp;<a href="https://www.catalyst.org/knowledge/why-diversity-and-inclusion-matter-financial-performance" target="_blank" rel="noreferrer noopener">financial performance</a>&nbsp;and lower employee turnover.



For its part, Citigroup pledged to increase representation of women and U.S. minorities in higher-level roles. The company aims by the end of 2021 to hit 40% female representation globally at the assistant vice president through managing director levels and 8% for black U.S. employees.



Citigroup also said it is committed to narrowing the wage gap for both groups, admitting that the company has substantial work to do.



“This reiterates the importance of our goals to increase representation of women and U.S. minorities in senior and higher-paying roles at Citi,” Sara Wechter, Citigroup’s head of human resources, said in a release. “That is how we will reduce the difference in our raw pay gap numbers over time.”

Tag: pay gap

FORBES AFRICA SOCIAL MEDIA

Not Just Equality, But Recognition Of Excellence

Citigroup Admits It Pays Women 29% Less Than Men