Here’s Everything You Need to Know about the Gender Pay Gap + What You Can Do to Earn More Money
The Gender Pay Gap Has Got Bigger – Here’s Everything You Need to Know + What You Can Do to Earn More Money
It’s frustrating, isn’t it? Just when we thought we were making progress on closing the gender pay gap, the latest figures show it’s actually gotten worse.
According to new data, the UK’s gender pay gap has widened to 13.8% in 2024, up from 13.2% the previous year.
As someone who is passionate about empowering women in their careers, this news is deeply concerning. The gender pay gap isn’t just a statistic – it has very real, tangible impacts on women’s financial security, career advancement, and overall wellbeing. And as an entrepreneur or professional, it’s an issue that affects all of us, whether directly or indirectly.
What is the Gender Pay Gap?
So what exactly is the gender pay gap, and why does it matter so much?
More importantly, what can you do to ensure you’re being paid what you’re worth? Understanding the Gender Pay Gap First, it’s important to understand what the gender pay gap actually is – and what it isn’t.
The gender pay gap refers to the difference in average earnings between men and women across the workforce.
This is not the same as unequal pay, which is illegal in the UK and occurs when men and women are paid differently for doing the same job or work of equal value.
Broader Societal and Structural Issues
The gender pay gap is a reflection of broader societal and structural issues, such as the underrepresentation of women in higher-paying roles and industries, as well as the disproportionate burden of unpaid caregiving responsibilities that often falls on women. These factors can limit women’s career progression and earning potential over time.
The Impact of the Widening Gap When the gender pay gap widens, as it has done recently, the financial consequences for women can be severe.
The disparity in pay compounds over a woman’s lifetime, impacting her financial independence, pension savings, and even mental health. For example, if a woman takes a career break or reduces her hours to care for children or other family members, she may earn less over the course of her career.
This can lead to a smaller pension pot, making her more financially vulnerable, especially in the event of divorce or later-life financial shocks. The wider societal impact is also concerning. If women are consistently earning less than men, it perpetuates gender inequality and limits the overall economic potential of our communities and country.
What You Can Do to Earn More Money at Work
The good news is that there are steps you can take to advocate for yourself and earn what you deserve.
- Start by researching industry pay standards and understanding your true market value.
- Then, build a strong business case for a raise or promotion, highlighting your achievements, skills, and the tangible value you bring to your employer.
- When it comes time to have the conversation, choose the right moment, use confident language.
- Be prepared for potential pushback. Get ready for them to say “sorry pay increases are frozen”, “we can look at reviewing next year” – prepare yourself for every pushback imaginable.
Remember, you’re not just fighting for yourself – you’re paving the way for greater pay equity and opportunity for all women.
And it’s not just on you as an individual. Companies and policymakers also have a responsibility to address the gender pay gap through greater transparency, mentorship programmes, and flexible work arrangements that support women’s career progression. The gender pay gap may have widened, but that doesn’t mean we can’t turn the tide.
By educating ourselves, advocating for fair pay, and demanding systemic change, we can work towards a more equitable future for all. The time to act is now.
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