May this prove enlightening to gender pay gap doubters. In a move toward transparency and accountability, Citigroup Inc., a global banking leader and the 4th largest bank in the U.S., just publicly owned up to the fact that its female employees earn less than its male employees, 29% to be exact, as revealed by Citi’s own global pay equity analysis.
In a blog post this morning, Sara Wechter, Head of Human Resources for Citi, detailed what the bank’s ‘unadjusted’ gender pay gap data shows, specific to women and U.S. minorities…
“We’ve calculated our unadjusted or ‘raw’ pay gap for women and U.S. minorities – which measures the difference in median total compensation when we don’t adjust for factors such as job function, level and geography. This analysis shows that the median pay for women globally is 71% of the median for men, and the median pay for U.S. minorities is 93% of the median for non-minorities. This reiterates the importance of our goals to increase representation of women and U.S. minorities in senior and higher-paying roles at Citi. That is how we will reduce the difference in our raw pay gap numbers over time. As a starting point, our goal is to increase representation at the Assistant Vice President through Managing Director levels to at least 40% for women globally and 8% for Black employees in the U.S. by the end of 2021.”
The HR head goes on to acknowledge that Citi needs “a comprehensive approach” to its diversity initiatives, briefly top-lining some of the bank’s efforts “to make the progress we want to see.” She adds, “We have work to do, but we’re on a path that I’m confident will allow us to make meaningful progress”, noting, “more than 50% of our colleagues globally are women and more than 45% of our U.S. workforce are minorities…”
You can read Wechter’s full post here.