In the article published in Tech Achieve Media, Amit Jain, CEO of TeamLease HCM, shared his insights on addressing the gender pay gap in India. He highlighted that while the United Nations reports a global gender pay disparity of 20%, the situation is even more dire in India. The World Economic Forum ranks India 129th out of 146 countries for gender pay equality, with Indian women earning just Rs 40 for every Rs 100 earned by men. This emphasizes the urgent need for employers to address this issue.
Amit stresses that maintaining gender pay parity is crucial for building a strong employer brand, which in turn helps attract and retain top talent. He notes that pay disparities can lead to employee dissatisfaction, negatively impacting long-term organizational health. To combat this, companies should regularly review pay policies, performance evaluations, and hiring trends, being mindful of unconscious biases. Amit also points out that technology is a powerful tool to reduce human biases in these processes. Beyond being a moral responsibility, ensuring pay parity is essential for business success, as unfair compensation can harm employee morale, productivity, and retention, ultimately affecting the organization’s overall performance.
Read the article on Tech Achieve Media: Addressing the Gender Pay Gap in India on International Equal Pay Day