These 3 factors could end the pay gap

Even when a pay transparency law simply requires job postings to include salary information, it raises the stakes on pay equity by fundamentally changing how companies manage hiring and promotions.

Companies will have to maintain justifiable compensation structures, update job descriptions more often, and document their compensation decisions.

A shift to skills-based compensation can benefit women, in particular, by levelling the playing field and setting objective "rates" for specific skill sets.

Historical data from Pew Research Center highlights the pivotal role skill development plays in closing the gender gap.

From 1980-2018, the inflation-adjusted average hourly wage for women increased 45% compared to 14% for men.

• The greatest barriers to women participating in the workforce have been the disproportionate burden of caregiving.
• Two out of three caregivers in the U.S. are women, according to the Center for Disease Control and Prevention (CDC), meaning they regularly provide support to children, adults, or someone with a disability
• During the COVID-19 pandemic, 44% of women gained additional caregiving responsibilities compared to 37% of men.

In 2022, women are expected to earn 82 cents for every $1 men earn - a figure unchanged from 2021 and just 5 cents more than 2016.

When you combine the upward mobility of young women with greater pay transparency in the workplace, skills-based pay, and permanent hybrid work models, the future is starting to look brighter for mending the gap.