Daily Management Review

There Is Virtually No Gender Or Racial Pay Gap In The Organization, Reports Citigroup


01/16/2018




There Is Virtually No Gender Or Racial Pay Gap In The Organization, Reports Citigroup
What would be the time period when the gender pay gap would be closed down?
 
Even as Citigroup claims that the lender is still working hard to close down the pay gap, the company says that 99 per cent of what its male employees get is given to its female employees.
 
99 per cent of what non-minorities earn is earned by minorities working in its offices in the U.S., Germany and the U.K., said Citigroup after conducting an examination of the pay among all of its about 75,000 employees in these three markets, the group said on Monday.  
 
Citigroup said that this is the first time that a big U.S. bank has disclosed the gender and racial pay data. Elements such as job function, level and geographic location were taken into account while making the examination, the lender said.
 
And in order to close down the pay gaps for both women and minorities, pay rises would be given this year by the company, Citi said. 
 
Arjuna Capital, an activist shareholder, had requested the bank to make the pay disclosures and this was a driving force for the disclosures.
 
An upcoming shareholder resolution that calls for pay study was being annulled by it, Arjuna said Monday.
 
"This is a tipping point for the Wall Street Banks," Natasha Lamb, managing partner at Arjuna Capital, said in a statement.
 
In the past, Arjuna’s proposal of disclosure of gender and pay information had bene rejected by Citigroup and other financial institutions.
 
pay disparity data is being proposed to be reported by several other banks by Arjuna this year.
 
There is perceived to be large disparities in appointment, pay and promotions among diversities by Corporate America.
 
Pew Research says that about 5% of Fortune 500 CEOs and only about 20% of Fortune 500 board members were comprised by women last year.
 
And even then, there are large disparities in the compensation awarded to women executives compared to their male counterparts.
 
An analysis by Equilar, an executive and board data provider said that there were just two women in the list of 15 highest paid executives in corporate America last year.
 
Female representation at the company was not addressed in the analysis by Citigroup even though the disclosure showed that women got nearly equal pay as men at the lender, said Ariane Hegewisch, study director at the Institute for Women's Policy Research.
 
"It's important that the company check themselves on those issues of pay, but it also leaves a lot of other factors unsaid," says Hegewisch.
 
49 white executives, eight Asian executives, five Hispanic executives, and one black executive were present in the ranks of executive and senior managers in the United States for the Citigroup, according to a 2016 diversity report.
 
(Source:money.cnn.com)                                                     






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