According to a recent analysis of executive compensation by Equilar and the Associated Press, wage equality between male and female CEOs is moving in the right direction; however, employment opportunities for female CEOs remain limited. The median compensation for a female CEO has risen 13 percent since 2014 while male CEOs have received just a three percent hike since last year. Equilar combines salary, bonuses, perks, stock awards, stock options, and other compensation to compute the CEO compensation package.
A total of 341 CEOs were analyzed, with 17 of these CEOs being female. The highest compensated female was Marissa Mayer, CEO of Yahoo with a compensation package worth over $35 million. Mayer was also the only woman included on the top ten list of highest paid CEOs.
The second highest paid female was Chairman and CEO of Pepsi, Indra Noovi, with a compensation package worth $22.2 million. Third on the list was Phebe Novakovic, CEO for General Dynamics with a compensation package worth $20.4 million. On the bottom of the pay scale of female CEOs was Lauralee Martin of HCP with a compensation package totaling $800,000.
While the compensation packages are increasing and the gap between male and female earnings is closing, the pay disparity between the genders of corporate leaders is not moving ahead as quickly. S&P Global Market Intelligence recently reported an increase of only five women CEOs over the past decade, averaging out to be one new female CEO every two years. Most of the highest paid female CEOs are in the defense, aerospace, technology, and retail industries, yet they make up only ten percent of the top 100 highest paid CEOs.
Industry analysts claim that gender and pay equality for women executives is moving in the right direction, but it is moving slowly. With female CEOs earning competitively with their male counterparts and society’s view of female executives changing for the better, women will have more influence in working to close the gaps in the near future.
According to a spokesperson at Catalyst, a nonprofit advocacy group that works to promote and enhance opportunities for female executives, negative predispositions against women CEOs still exist, limiting the number of opportunities available for them. As companies work to become more responsible in their recruitment and business development plans, they expect to see an increase in opportunities for female CEOs.
Philadelphia Employment Lawyers at Sidney L. Gold & Associates, P.C. Represent Victims of Wage and Gender Disparity
The federal Equal Pay Act of 1963 protects women from wage disparity in employment, entitling them to employment opportunities and compensation that are equal to their male counterparts. The experienced Philadelphia employment lawyers at Sidney L. Gold & Associates, P.C. are committed to protecting the legal rights of women in the business industry. If you or someone you know has been a victim of wage or gender disparity, we can help you demand justice.
Call us at 215-569-1999 or contact us online to schedule a consultation today. Our offices are located in the heart of Philadelphia, serving clients throughout, Pennsylvania, New Jersey and New York.
