As the world observes International Equal Pay Day, it’s crucial to spotlight the persistent gender pay gap that remains a pressing issue globally. Amit Jain, CEO of TeamLease HCM, said that the United Nations reports a staggering 20% global gender pay disparity, but the situation is graver in India. According to the World Economic Forum, India ranks 129th out of 146 countries in terms of gender pay equality, with Indian women earning just Rs 40 for every Rs 100 earned by men. This highlights the urgent need for action on this issue.
He also spoke on the importance of addressing pay inequality, saying: “As employers, it is important to maintain gender pay parity to build a strong employer brand. Doing so will only help us attract and retain top talent. Pay disparities bring employee dissatisfaction, which hurts us in the long run. This is why companies should regularly review their pay policies, performance evaluations, and hiring trends while keeping a check on unconscious biases. Technology is the best tool to mitigate human biases.” Jain emphasizes that ensuring pay parity is not only a moral responsibility but also a business imperative. Unfair compensation impacts employee morale, resulting in lower productivity and higher turnover rates, making it detrimental to the overall success of any organization.
Yuvraj Shidhaye, Founder and Director of TreadBinary, echoed the sentiment, focusing on the role of fairness in fostering innovation and growth: “Equal pay isn’t just an ethical issue—it’s a fundamental driver of growth and innovation. When we ensure that everyone is compensated fairly for their contributions, irrespective of their background, it brings out the best in people and creates a positive, inclusive workplace. By using data-driven tools, we can objectively measure productivity and performance, giving everyone a clear and equal opportunity to earn what they deserve based on their efforts.”
Shidhaye underlines the critical role that technology can play in ensuring transparency in pay structures. By utilizing data-driven tools, companies can remove biases and base compensation on actual performance and productivity. This shift towards equitable compensation not only boosts employee satisfaction but also fosters an innovative work environment where talent thrives. With concerted efforts from employers, policy makers, and society, fair and equal pay can become a reality, driving economic and social growth for all.
