Equal Pay Day: Struck’s Commitment to Pay Equality
March 14 marked Equal Pay Day, the symbolic day on which the average woman earned what the average man did in the previous year. It’s a somber reminder that despite decades of progress, gender-based pay disparities continue to exist in the workplace.
At Struck, we’re committed to equal pay and opportunity across gender, race, sexuality, religion — basically we believe in treating all humans fairly. We understand how individuals, families, and societies can be affected for generations to come by this disparity.
The pay gap is not a myth — it’s a real and persistent problem. According to the National Women’s Law Center, women working full-time, year-round in the United States earn only 82 cents for every dollar earned by men. That gap is wider for women of color: it will take until July 27 for Black women to catch up, October 5 for Latina women, and until November 30 for Native/Indigenous women.
There are numerous contributors to the problem, including bias in hiring and promotion practices, differences in access to capital and business networks, and a disparity in cultural expectations between men and women. But one thing is clear — the pay gap has real and lasting impacts that are heavily felt.
First and foremost, the pay gap results in a loss of initial income for women, as well as anyone dependent on them. Over time, this can add up to significant financial disadvantages, including lower lifetime earnings, less savings and security, and a higher risk of poverty, especially in retirement. In fact, according to a report by the National Institute on Retirement Security, women are 80% more likely than men to be impoverished at age 65 or older.
Unfortunately, the impacts go beyond just the effect of lower take-home pay. Pay disparity also results in a loss opportunity for investments like stocks, real estate, or retirement accounts. Over time, this can compound into a significant disadvantage in terms of building wealth and financial stability for themselves and their families. Furthermore, lower income levels can impact access to quality education, childcare, healthcare, and even air quality.
Finally, the pay gap impacts women negatively in their retirement years. Because Social Security benefits are based on earnings throughout an individual’s career, lower pay results in lower Social Security benefits for women. This can be particularly damaging for women who rely on Social Security as their primary source of retirement income.
At Struck, we take responsibility to promote equitable pay practices, and foster equality for women. We’ve implemented fair and transparent pay policies and we conduct regular employee surveys and reviews to ensure everyone feels they are being treated equitably. We support women with equal opportunities for career development and advancement, flexible work from home opportunities, a motherhood first approach to maternity leave, and most importantly fair compensation.
We also recognize that there is more work to be done and that we can’t solve the problem alone. As a society, we must come together to address the systemic issues that contribute to the gender pay gap, including unconscious bias, lack of transparency, discriminatory hiring practices and unfair promotion protocols.
Working together we can create a truly equitable and just society for all.
