Pay gaps between men and women still exist
According to 24/7 Wall St. research of the Bureau of Labor and Statistics, there are 10 jobs with the widest pay gaps between men and women. Although the gender wage gap has narrowed since 1979 when women made roughly 62 percent of what men earned compared to 2012 when the wage was roughly 81 percent of her male counterpart.
First, let us consider the jobs with the widest pay gaps, then explain why some sectors still experiences such a dramatic difference in pay between the genders.
Top 10 widest pay gaps
The following 10 careers have the top 10 widest pay gaps between men and women:
- Claims adjusters, appraisers, examiners, and investigators – women make 69.3 percent of what men earn
- Inspectors, testers, sorters, samplers and weighers – women make 69.2 percent of what men earn
- Security, commodities, and financial services sales agents – women make 69.1 percent of what men earn
- Marketing and sales managers – women make 67.7 percent of what men earn
- Physicians and surgeons – women make 67.6 percent of what men earn
- Education administrators – women make 67.2 percent of what men earn
- Personal financial advisors – women make 66.3 percent of what men earn
- Real estate brokers and sales agents – women make 66.0 percent of what men earn
- Retail salespersons – women make 64.3 percent of what men earn
- Insurance agents – women make 62.5 percent of what men earn
Why do these pay gaps persist?
Many will look at this list and instantly have a knee jerk reaction and consider the workforce to be sexist. Not only is that not helpful because it undoes the gains women have made in the workforce in our lifetime, implying they only got a break because they had a non-sexist boss, but it is not helpful because it is not the actual reason that these pay gaps persist.
The truth is that top executives get paid more, and more men than women are in the C-suite. Above is the pay gap illustrated by industry, but consider where women happen to be on the totem pole at companies, according to the Wall Street Journal:
- Graduate entry level – 53 percent female, 47 percent male
- Director level – 35 percent female, 65 percent male
- Senior level – 24 percent female, 76 percent male
- C-suite – 19 percent female, 81 percent male
Take for example real estate, which has far more women than men. Why would men be paid more if they are fewer in numbers? They’re more often the brokers, the leaders, the executives. Is that sexist? Nope. Men are groomed from a young age to take risks and to assumptively lead, and until recent generations, women were programmed to support and play it safe – consider it left over philosophies from the cave man era. But things are changing – with Millennials, the pay gap is far smaller, with women earning 82 percent of what their counterparts make. That still sucks, but it’s called progress.
So are you blaming women?
Absolutely not. While we can focus on the crappy pay gaps, we can also realize that things are changing quickly – there are now more women in college than men, more women at the top than in history, and several industries are waking up to the fact that female leaders can actually increase a company’s chances of success, but several challenges remain in paving the road toward equality, and women have to pave it for themselves.
While things are changing, more than half of Millennial women say they proactively manage their career, yet only 45 percent asked for a raise. Almost all of their male counterparts do, so many women still don’t ask for a raise or promotion, problematic for a world where the ladder exists but must be climbed. Studies show that nice people earn less at work, and women are still culturally expected to be nice, whereas men are not.
Things are changing, but folks, this is a big huge giant ship that is being turned. The pay gap persists because men are at the top of the ladder, but that’s changing. Quickly.
Hobby Lobby increases minimum wage, but how much is just to save face?
(BUSINESS NEWS) Are their efforts to raise their minimum wage to $17/hour sincere, or more about saving face after bungling pandemic concerns?
The arts-and-crafts chain Hobby Lobby announced this week that they will be raising their minimum full-time wage to $17/hour starting October 1st. This decision makes them the latest big retailer to raise wages during the pandemic (Target raised their minimum wage to $15/hour about three months ago, and Walmart and Amazon have temporarily raised wages). The current minimum wage for Hobby Lobby employees is $15/hour, which was implemented in 2014.
While a $17 minimum wage is a big statement for the company (even a $15 minimum wage cannot be agreed upon on the federal level) – and it is no doubt a coveted wage for the majority of the working class – it’s difficult to not see this move as an attempt to regain public support of the company.
When the pandemic first began, Hobby Lobby – with more than 900 stores and 43,000 employees nationwide – refused to close their stores despite being deemed a nonessential business (subsequently, a Dallas judge accused the company of endangering public health).
In April, Hobby Lobby furloughed almost all store employees and the majority of corporate and distribution employees without notice. They also ended emergency leave pay and suspended the use of company-provided paid time off benefits for employees during the furloughs – a decision that was widely criticized by the public, although the company claims the reason for this was so that employees would be able to take full advantage of government handouts during their furlough.
However, the furloughs are not Hobby Lobby’s first moment under fire. The Oklahoma-based Christian company won a 2014 Supreme Court case – the same year they initially raised their minimum wage – that granted them the right to deny their female employees insurance coverage for contraceptives.
Also, Hobby Lobby settled a federal complaint in 2017 that accused them of purchasing upwards of 5,000 looted ancient Iraqi artifacts, smuggled through the United Arab Emirates and Israel – which is simultaneously strange, exploitative, and highly controversial.
Why does this all matter? While raising their minimum wage to $17 should be regarded as a step in the right direction regarding the overall treatment of employees (and, hopefully, $17 becomes the new standard), Hobby Lobby is not without reason to seek favorable public opinion, especially during a pandemic. Yes, we should be quick to condone the action of increasing minimum wage, but perhaps be a little skeptical when deeming a company “good” or “bad”.
RIP office culture: How work from home is destroying the economy
(BUSINESS NEWS) It’s not just your empty office left behind: Work from home is drastically changing cities’ economies in more ways than you think.
It’s been almost six months since the U.S. went into lockdown due to COVID-19 and the CDC’s subsequent safety guidelines were issued – it’s safe to say that it is not business as usual. Everyone from restaurant waitstaff to start-up executives have been affected by the shift to work-from-home. Even as restrictions slowly begin to lift, it seems as though the office workspace – regarded as the vital venue for the U.S. economy – will never truly be the same.
Though economists have been focusing largely on small businesses and start-ups, we are only just beginning to understand the impact that not going back into the white-collar office will have on the economy.
The industries that support white-collar office culture in major cities have become increasingly emaciated. The coffee shops, food trucks, and food delivery companies that catered to the white-collar workforce before, during, and after their workday, are no longer in high demand (Starbucks reported a loss of $2 billion this year, which they attribute to Zoomification). Airlines have also been affected as business travel typically accounts for 60%-70% of all air travel.
Also included are high-end hotels, which accommodate the traveling business class. Pharmacies, florists, and gyms located in business districts have become ghost towns. Office supplies companies, such as Xerox, have suffered. Workwear brands such as J. Crew and Brooks Brothers have filed for bankruptcy, as there is no longer a need to dress for the office.
In Manhattan – arguably the country’s most notorious white-collar business mecca – at least 1,200 restaurants have been permanently lost. It is also is predicted that the one-third of all small businesses will close.
Additionally, the borough is facing twice as many apartment vacancies as this time last year, due to the flight of workers no longer tied to midtown offices. Workers have realized their freedom to seek more affordable and spacious residence outside the city. As companies decentralize from cities and rent prices drop, it isn’t all bad news. There is promise that particular urban white-collar neighborhoods will start to become accessible to the working class once again.
Some companies, like Pinterest and REI, are reporting that their shift to work from home is in fact permanent. The long-term effects of deserted office buildings are yet to make themselves evident. What we do know is that the decline of the white-collar office will force us to reimagine the great American cities – with so much lost due to the coronavirus, what can now be gained?
2020 Black Friday shopping may break the mold
(BUSINESS NEWS) Home Depot states their new plan for deals and discounts over two months, in place of a 1-day Black Friday event.
Humans change and adapt – that’s just in our nature. Retail stores have struggled to maintain their sales goals for years as more and more people move to ordering online. Online prices still seem to be within customer expectations and often come with free shipping. Additionally, people that may have preferred to shop in an actual brick-and-mortar store have changed their shopping habits dramatically in 2020; it’s hard to social distance and be safe in crowded stores or in small aisles. Black Friday may be next to change.
Amazon and other big box store’s online ordering platforms have simplified getting what you need delivered right to your front door. According to Statista, “Amazon was responsible for 45% of US e-commerce spending in 2019 – a figure which is expected to rise to 47% in 2020.”
Retailers count on the holiday season, specifically Black Friday deals (the day after Thanksgiving), to bring in up to 20% of their annual revenue. It’s hard to just remove that option completely. But considering the times of social distancing, wearing masks in public, and especially avoiding large crowds, the tradition of Black Friday will need to look different this year.
It will also be interesting to see what supply chain disruptions from early 2020 will have the most effect this shopping season. We saw predictions in March that said the United States would see the biggest disruptions in about six months. Black Friday falls right on that timeline.
Home Depot has announced their plans to go ahead and give the deals over a two month span, starting in early November through December (both online and in stores with the possibility of adding some special deals around the actual Black Friday date) to help encourage a more steady stream of shoppers versus so many packing in on the same day.
The home improvement chain has actually seen a great sales year. This is likely due to people working from home and being interested in doing more home projects (and possibly having a bit more time to do them as well). As of May 2020, “The Home Depot®, the world’s largest home improvement retailer, today reported sales of $28.3 billion for the first quarter of fiscal 2020, a 7.1 percent increase from the first quarter of fiscal 2019. Comparable sales for the first quarter of fiscal 2020 were positive 6.4 percent, and comparable sales in the U.S. were positive 7.5 percent.”
Home Depot, along with many other retailers like Walmart, Target, and Best Buy have confirmed that they will be closed on Thanksgiving Day, which may not be new for all of them but has always signaled the kickoff of the holiday shopping season.
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