Catalyst’s newly released report has confirmed that its ‘champion companies’ continue to outpace their global peers on pay equity, transparency and advancing women into leadership roles.
Catalyst CEO Champions For Change, is a community of more than 80 CEOs worldwide committed to advancing women across racial and ethnic groups into leadership roles and onto boards of directors, and currently represents more than 11 million employees and over $3 trillion in revenue globally.
The latest report from Catalyst, reveals that 93% of Champion companies have conducted a pay equity review within the last three years, up from 82% in last year’s survey. A pay equity review is a critical tool to address the gender pay gap, and 71% of Champion companies are adjusting pay based on the results. In contrast, only 58% of US companies voluntarily conduct pay equity reviews.
THE GENDER PAY GAP & PAY EQUITY REVIEWS
Additionally, 57% of Champion companies are publicly sharing the results of their pay equity reviews. While some countries have implemented legislation requiring pay transparency or mandatory reporting, the report explains that some Champion companies are even applying pay equity reviews in countries without such requirements.
“In light of the persistent gender pay gap, which hovers at 12% internationally, addressing pay equity is crucial for organisations committed to gender equity,” shared Lorraine Hariton, President & CEO of Catalyst. “To manage it, we must first measure it. Catalyst CEO Champions For Change companies are setting the bar by assessing their gender pay gaps, being transparent about the results, and taking action to address them at rates higher than we’ve ever seen. Just a few years ago, pay equity audits weren’t happening, and they certainly weren’t common practice. This is game-changing progress that can create a new normal for companies and set high expectations for everyone from employees to the public. Despite and amid difficult headwinds, Champion companies demonstrate their steadfast commitment to transparency, gender equity, and closing the pay gap.”
ADVANCING WOMEN INTO LEADERSHIP ROLES
Champion companies continue to lead the advancement of women into senior leadership. Women occupy 30% of executive positions at Champion companies compared to 24% among their global peers. They also hold 37% of board seats versus 30% among the Fortune 500. These numbers represent “critical mass,” the point at which women in the C-suite and on boards of directors is considered a norm and not an exception.
For the first time, Champion companies are reporting on retention data across gender, race/ethnicity, industries, and geographies. As attracting and retaining talent remains one of the biggest concerns globally for CEOs, this baseline will contribute to an understanding of retention trends in future reports.
Since global data collection began in 2018, this group has continually outperformed their global peers in the representation of women across the leadership pipeline and on boards of directors.
Click here to download a copy of the report.
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