Empowering Progress: Women’s March Towards Economic Equality
Empowering Progress: Women’s March Towards Economic Equality
In this edition focused on professional growth and leadership, we pause to acknowledge the strides women have made and pinpoint areas where we can further bolster our role in the economic framework. To fuel change, we must first comprehend our past. Our aim is transformation, as women are the powerhouse behind the economy, wielding substantial purchasing influence and holding the majority of stock ownership. As Maya Angelou wisely stated, “If you don’t like something, change it. If you can’t change it, change your attitude.”
The Early Struggles
Let’s journey back to the first women’s rights convention in 1848, held in Seneca Falls, New York. The focus was on political equality, where 68 women and 32 men signed the Declaration of Sentiments, detailing grievances and setting the course for the women’s rights movement. Twelve resolutions were adopted, advocating for equal treatment under the law and voting rights for women.
The Equal Pay Act, enacted on June 10, 1963, made it unlawful to pay women less for the same job based solely on their gender. While differences in seniority, merit, and work quality could justify pay discrepancies, gender could no longer be a hindrance for women seeking employment.
The Evolution of the Workplace
The workplace has undergone significant changes since the Equal Pay Act was passed nearly five decades ago. Although conditions have improved, women’s pay remains an issue. In 1963, women earned 59% of what men earned; by 2009, this had increased to 77%, according to Census figures. Women of color are also making progress, though the median income for African American women was 67.5% of men’s wages, and for Latinas, it was 58%.
Women as Economic Powerhouses
Today, women constitute 49.7% of the workforce, with 63% of all women employed and 54% working full-time, often juggling multiple jobs. Women now occupy almost half of the country’s managerial positions. Forty-one percent of working women are the sole breadwinners for their households, and 28% have dependent children. Clearly, women are pivotal in generating income.
We are dedicated to achieving pay equality at all levels and assisting those at the bottom. According to a 2008 study by the National Center for Policy Analysis, nearly 15 million women in the United States earned less than $25,000 a year despite working full-time, year-round jobs. We must eradicate the wage gap.
Bridging the Wealth Gap
Younger women are altering the pay differential. As of 2005, women under age 25 working full-time earned 93.2% of men’s salaries, compared to those 25 and older, who earned 79.4% of what men earned. We are cognizant that one in four working families earns too little to meet basic needs. Working women are in need, with 77% of all mothers with school-age children employed.
In 2009, President Obama signed the Lily Ledbetter Fair Pay Restoration Act, permitting victims of pay discrimination to file a complaint within 180 days of their last paycheck. Despite this, discrimination persists.
A Report from the Front: How Are We Faring?
Education
Women hold a slight advantage in college attendance, occupying 54% of classroom seats. A 2010 study by the American Council on Education on the gender gap in college shows the widest gap among blacks—63% women to 37% men. Rates are comparable for Hispanics—57% women to 43% men—and for lower-income Caucasians—54% to 46%. An enrollment surge among older women is further skewing these numbers.
The number of women with professional degrees is rising, and women are the majority in both undergraduate and graduate schools. More women than men earned doctoral degrees in the 2008–09 academic year. Women are making rapid progress in law, medicine, and accounting, achieving parity with men in law and medical schools. For instance, as of 2010, 47% of law school students are women, and women make up 49% of medical school students. Enrollment rates at business schools remain lower, with 39% of test takers being women, according to the Graduate Management Admissions Council. Engineering remains the discipline with the smallest proportion of women, with fewer than one in seven students being female.
Business
As of 2009, women made up only 15.2% and 13.5% of board directors and corporate officers, respectively, in Fortune 500 companies. The United States is not alone in its male-dominated leadership. In 2009, Canada’s Financial Post 500 companies had only 14% women board directors and 16.9% women corporate officers. Similarly, women held only 9.7% of board positions in Europe’s top 300 companies in 2008.
Research indicates that companies with at least three female board members and more women in senior leadership roles yield stronger financial and organizational results. However, women of color held only 3.2% of board director positions in 2008, according to a Catalyst study. With new financial reforms from Congress, the SEC is advocating for more women on corporate boards. CALPERS, the Calvert Group, and others are demanding accountability. Some countries are enforcing change; for example, Norway mandates that 40% of board seats be occupied by women.
Let’s not overlook the pioneers. We salute the women CEOs who are highly respected leaders of Fortune 500 companies, such as Indra Nooyi of PepsiCo, Ilene Rosenfeld of Kraft, and Ursula M. Burns of Xerox. Burns, the first African American CEO of Xerox, joined the company in 1980 as a mechanical engineering summer intern. Andrea Jung, an Asian-Canadian, is the CEO of Avon, known as the company for women and the largest direct seller of beauty products in the world. Avon is also the world’s largest micro-lender for women, extending some $1 billion in products. Learn more about Avon’s initiatives.
