🤼 Gender Pay Gap Balloons Up In India; Consumers Cut Spending
The rising inflation in the country has hindered retail spending as households struggle with stressed budgets.
Savings have taken a hit as retirement, insurance, and children’s education have taken a backseat.
So much so that Kantar’s report says that 76% of urban consumers are worried about the increasing cost of living impacting their ‘big life plans.’
To make ends meet, Indians will reduce the amount of money they put into their piggy banks.
They are going to work harder and longer hours than other countries to earn enough money.
Taking matters into our own hands
While their global counterparts believe that governments must tackle the financial crisis, Indians, on the other hand, feel that it’s a shared responsibility between the government, the general public, and businesses.
Indian women, too, are stepping forward to take leadership roles in entrepreneurship.
Currently, women in managerial roles in India only represent 18% (from an earlier 29%) of the total workforce.
Being underrepresented is also why they lag behind their male counterparts in the senior stages of their careers and along the corporate ladder.
Linkedin — the Good Samaritan
To support female entrepreneurs and women in the workforce, LinkedIn has rolled out free courses until August 22.
These include Gender in Negotiation; Getting to Yes: Advice for Female Founders on How to Get Funded; Leadership Strategies for Women; and Success Strategies for Women in the Workplace, amongst a galore of other courses. (We’re not being sponsored here to say this, FYI!)
To be fair, this isn’t enough.
A lot more needs to be done.
Linkedin is doing its part, but recruiters need to buck up.
Internal mobility, fair hiring practices with a focus on skills, and flexibility could level the playing field for women.
No Fairness For The Fairer Sex?
Well, this social issue has been plaguing society for as long as we can remember — and has now shown its colors in the freelancing sector too.
The gender pay gap is quite prevalent in freelancing, though the intensity is lesser than what it’s in the traditional market.
The number of Indian freelancers in the last 2 years grew, and so did their earnings by 40%.
Women are earning only 82% of what men are earning in the freelance market.
The tragic fact remains that women make $19/hour on average as compared to men, who make $23/hour in Asia.
The gap is wider globally as a woman gets $23 per hour whereas men make $28 per hour.
Finance, marketing, and programming freelancers are at the top of the ladder when it comes to earnings.
The demand for customer support, sales, and project management freelancers tailed off during the pandemic.
Too long? Here’s a one-liner: Indians cut down on savings with rising inflation; women combat gender disparity in the workplace by taking up more entrepreneurial roles; the freelancing sector takes a hit too.
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