Progress in Closing the Pay Gap: Executive Women Taking Strides

Pay Gap
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Even if there is still more to be done, women have made significant strides toward the C-suite, and the pay gap seems to be closing. According to a recent ON Partners report, executive women now earn an average salary of $452K. Listen to what the company discovered in its 2024 Women’s Report!

In honour of Women’s History Month, ON Partners published its 2024 Women’s Report last month. According to the survey, there is a favourable trend in the gender pay gap, with executive women receiving an average of $452K compared to executive men’s $461K. The gender pay gap is closing year over year (YoY).

Furthermore, women are leading in average total remuneration when director and vice president roles are isolated as a pipeline of future C-suite leaders. The progress made in increasing the proportion of women in senior positions was noted in a 2023 McKinsey Women in the Workplace study.

The number of women occupying senior vice president and C-suite roles has increased significantly since 2015. The percentage of women in the C-suite has risen from 17 to 28 percent, despite the fact that women are still under-represented throughout the corporate pipeline. The increased number of women holding vice president and senior vice president positions also reflects this positive trend.

Women—particularly women of colour—have continued to be under-represented in the corporate pipeline throughout the last nine years. McKinsey did discover a developing strength in senior leadership, though. The percentage of women in the C-suite has risen from 17 to 28 percent since 2015, and there has been a notable improvement in the representation of women in vice president and senior vice president roles.

“The COVID period when companies were recruiting remotely and more accepting of remote executives was a turning point for female supply chain executives, particularly those in procurement,” said Heidi Hoffman, partner at ON Partners.  “I have also not seen that female supply chain executives make less money than their male counterparts.  The compensation levels for all these executives have been rising tremendously as the role moves into the C-suite and takes on a more strategic position.”

However, ON partner Suzanne Zebedee stated that women applicants for early-stage C-suite roles still face restricted leadership role options in the life sciences and healthcare industry. “The COO, CCO, and CBO roles are the executive positions where we look to source and recruit first-time CEOs,” the spokesperson stated.”It would be fantastic if more women gained experience in these C-level positions as a means of boosting the number of female CEOs and executive leaders in the sector.”

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