March 14, 2023
EWNJ’s Statement on Women’s Equal Pay Day
Today, Executive Women of New Jersey (EWNJ) commemorates Women’s Equal Pay Day by recognizing the 60th anniversary of the Equal Pay Act of 1963. Since its enactment, our nation has made great strides in addressing pay inequalities, but much work still needs to be done. Despite the ideals of this landmark policy, women continue to lag behind their male counterparts in compensation. In 2023, a woman working full time earns 84 cents for every dollar earned by her male counterpart. Our A Seat at the Table report details that women, especially women of color, not only continue to be underpaid but are also underrepresented on corporate boards.
Our research shows companies with diverse boards are more likely to be financially sound and experience fewer governance-related issues, and these contributions should be recognized with equal compensation. Accordingly, we are renewing our call for the private sector to adopt practices that not only achieve pay equity but also increase gender and minority representation in the top leadership of their companies.
Companies play a central role in closing the wage gap, and should prioritize having more women in leadership positions; creating more opportunities for mentorship and advancement; normalizing a culture of sponsorship where women are actively supported for growth; and conducting pay equity audits to help women grow and lead.