The gender pay gap – the difference between what men and women are paid for the same role – has notably widened in recent years, particularly in the STEM (Science, Technology, Engineering, and Math) fields.
According to new research by Adzuna, the gender pay gap has doubled, from 2.9% in 2022 to 6.0% in April 2024. Collected from over 1 million resumes in the US, this data highlights sobering fact that women continue to earn significantly less than men for the same or similar roles.
STEM careers show some of the most pronounced gender pay gaps. In March 2023, women in science earned 13.1% less than their male counterparts, meaning they received only 87% of what men earned. Engineering also shows a significant disparity, with women earning 9.5% less than men. The legal sector, which had seen women outearn men by 5% in previous years, now shows a gender pay gap of 11% against women.
But the main question is why?
Several factors contribute to the persistent and widening gender pay gap in STEM fields:
Underrepresentation of Women: Women make up only 34% of the workforce in STEM. This underrepresentation starts at the educational level, where men vastly outnumber women majoring in most STEM fields in college. This imbalance is particularly evident in fast-growing and high-paying jobs like computer science and engineering.
Higher Earnings for Men in Similar Roles: Despite efforts to improve female participation and representation in STEM, men continue to earn more. James Neave, Head of Data Science at Adzuna, emphasizes the need for better efforts to advance gender parity in the workplace, as women in science still earn 13% less than their male counterparts on average.
The gender pay gap has long-term financial consequences for women, including lower retirement savings. Women contribute 30% less than men to their retirement accounts and receive 20% less in Social Security benefits. Additionally, women tend to receive lower pension benefits, further exceeding the disparity in retirement savings.
Interestingly, the gender pay gap is not universal across all sectors. In accounting, women earn $1.04 for every dollar earned by men. Similarly, in banking and finance, women are closing the gap, earning 99 cents for every dollar paid to their male counterparts. These fields show more equitable – even favorable – wage distributions for women.
Continued efforts to promote gender equality in the workplace, especially in STEM fields, are crucial. Higher education has historically helped narrow the gender pay gap. Women have outpaced men in educational attainment, and since February 2023, the labor force participation for prime-age women (ages 25 to 54) has reached an all-time high. However, despite these gains, the pay gap remains largely unchanged, stuck between 80 and 85 cents to the dollar since 2002.
Addressing the structural barriers that contribute to the gender pay gap, such as gender biases and unequal opportunities, are essential to close this persistent divide. As women continue to increase their participation in the workforce and pursue higher-paying occupations, the continuing gender-pay gap is a concerning issue.
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