MADE Maven October Issue MADE Magazine - Page 53

cause, it’s a social issue with the potential to our children’s children. According to IWPR, if the pace of change in pay parity continues at its current rate it will take 41 years—or until 2059—for women to see equal pay. The predictions for women of color are more severe, with Hispanic women not realizing equal pay until 2233 and black women in 2124. It is no secret that minorities disproportionately face poverty. Recent figures from Pew Research Center show that black people are more than twice as likely as white people to live in poverty. The money that black women bring home matters on a different level; a level that could fundamentally change the economy. “A whopping 80 percent of black mothers are the primary breadwinners for their households, and the wage gap impacts them keenly—especially in the messy middle years when they’re raising families and trying to rise up in their careers. Closing the wage gap for black women would offer them enough money for two-and-a-half years of child care, three years’ worth of groceries and roughly 22 more months of rent,” according research reported by Leaders Up this year. And, it’s not just the gap in wages that’s concerning. The equity gap for women has surfaced as an issue as well. In September, Carta, a startup that manages and transfers securities for companies, released what it called the first public study of cap table data. It defined cap table data as the list of owners or shareholders in a company. The study revealed that women hold 9 percent and men hold 91 percent of startup equity. A Fortune article that assessed the findings of the study said, “Part of the problem is that early employees receive larger equity packages—and early- stage startups typically don’t pay much attention to diversity while hiring. It’s only when companies reach the growth stage of around 400 employees—and equity packages have dwindled—that women come close to the 40 percent mark of a company’s makeup.” What’s more staggering is that those early employees, who are rarely women, also rarely move up the ranks as the company grows. The Fortune article pointed out, “in later stages, women are underrepresented in the highly compensated C-suite.” WAVE ‘HELLO’ TO THE TOP When Ri Ri sang those words, she did so from her position of power. A position many of her sisters are not in. The Russell 3000 index tracks the performance of the 3,000 largest U.S.-traded stocks. According to a recent article in the Harvard Law School Forum on Corporate Governance and Financial Regulation, “Since 2012, the Russell 3000 has seen a 70-percent increase in the number of female CEOs. Despite the relative increase, the number of top female executives remains disappointingly low, with only 5 percent of Russell 3000 companies having a female CEO in 2018.” The article goes on to explain that the scarcity of women CEOs should be expected due to the lack of women representation in other roles in the C-suite, and the reality that the next CEO is often selected from within the C-suite. “These roles include the Chief Operating Officer, the Chief Financial Officer, and the Head of Sales, among others,” the articles noted. “Only 9 percent of top executive positions in the Russell 3000 are filled by women, which means that companies have a long way to go towards building gender equity within the top ranks where the next generation of CEOs are cultivated.” #mademaven 53