WEBVTT - Closing the Gender Pay Gap

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<v Speaker 1>We've got another angle on today's labor report. Uh, and

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<v Speaker 1>you know what we saw, of course, you know the

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<v Speaker 1>numbers coming in hotter than expected, revisions, higher wages. We're

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<v Speaker 1>seeing that spike and wages continuing, which we know plays

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<v Speaker 1>into overall inflation in the economy. Our next guest has

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<v Speaker 1>some thoughts on why inflation is tougher actually on working women.

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<v Speaker 1>So great to have back with us, Kataka Roy. She's

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<v Speaker 1>CEO at Pipeline. They use AI to work with companies

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<v Speaker 1>on gender biases, so they pull in all the data

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<v Speaker 1>and she joins us on the phone from Paris. Kataka,

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<v Speaker 1>good to be talking with you again. Tell us a

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<v Speaker 1>little bit about your perspective on what's going on in

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<v Speaker 1>the labor market, especially when it comes to women. Yeah, Carol,

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<v Speaker 1>thank you, it's great to be here. You know what

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<v Speaker 1>we saw in today's jobs report is that across all

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<v Speaker 1>cohorts of women, they've actually lost jobs. And since the

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<v Speaker 1>beginning of the pandemic, we actually have one point eight

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<v Speaker 1>million women missing from the labor force. And if we

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<v Speaker 1>brought those one point eight million women back, we could

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<v Speaker 1>actually close uh, the the the the gap of workers

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<v Speaker 1>by almost a quarter. And so we could actually make

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<v Speaker 1>our jobs market a little less hot Kataka. To be fair,

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<v Speaker 1>I do think we're all trying to figure out why

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<v Speaker 1>so many women and men are staying away from the

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<v Speaker 1>labor force. We talked about the available labor pool, right,

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<v Speaker 1>this is so participation. You know, it's been down coming

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<v Speaker 1>off of the pandemic. What are the reasons that women

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<v Speaker 1>in particular are not coming back. Yeah, we have a

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<v Speaker 1>couple of reasons. You know. One is you know, certainly

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<v Speaker 1>Childcrison talked about and that is part of the solution,

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<v Speaker 1>but it's not the only solution. There are two pieces.

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<v Speaker 1>One is actually equity in the labor force, and so

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<v Speaker 1>this goes beyond pay but actually ensuring that they have

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<v Speaker 1>equity of opportunity. Just to give you one example, women

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<v Speaker 1>are fifty eight percent of college graduate percent of the

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<v Speaker 1>labor force, and yet only eight percent of the fortune

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<v Speaker 1>five d CEO. That's one. The other piece is skilling.

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<v Speaker 1>So we actually leaked forward five years in terms of

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<v Speaker 1>digital acceleration during the pandemic. So the jobs that existed

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<v Speaker 1>at the beginning of that pandemic, yeah, don't necessarily exist

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<v Speaker 1>right now. So we've got a mismatch between skills that

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<v Speaker 1>companies need and the actual available workers. And so if

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<v Speaker 1>we skilled folks and ensured equitable skilling that is, equitable

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<v Speaker 1>access to skilling, but also the ability to apply those skills,

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<v Speaker 1>we could close that gap exclosure quickly. May Kodak, I

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<v Speaker 1>guess you're My question would be, what would you recommend

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<v Speaker 1>to policymakers given the data that you have and what

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<v Speaker 1>you know, like, how do we fix this from a

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<v Speaker 1>policy perspective? Well, you know, certainly the pay transparency laws

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<v Speaker 1>that have both gone into effect and are slated to

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<v Speaker 1>go into effect in the first of the year step

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<v Speaker 1>in the right direction. Okay, Well, let's let's break down

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<v Speaker 1>what we're talking about here, because not everyone knows what

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<v Speaker 1>those mean. You're talking about you know, recently a New

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<v Speaker 1>York City about a month ago, jobs that were posted

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<v Speaker 1>for certain companies had to include some sort of pay range.

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<v Speaker 1>Is that what you're referring to? Exactly? So on jobs postings,

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<v Speaker 1>Colorado was the first state to do that in the

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<v Speaker 1>New York City. Uh is the is the second area

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<v Speaker 1>to do them that We've got three more states that

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<v Speaker 1>will go live with that on January feet So that's

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<v Speaker 1>exactly what I'm talking about. And so it's a step

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<v Speaker 1>in the right direction in terms of putting guard rails up.

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<v Speaker 1>But what we really need from polishy makers is true

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<v Speaker 1>equal pay, and we don't have that in the United States.

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<v Speaker 1>That is actually ensuring that we're paying people equitably and

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<v Speaker 1>that companies are proving that they're paying people equitably. And

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<v Speaker 1>that's not only an issue of fairness, it's actually an

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<v Speaker 1>issue of economic growth. Because if we closed the gender

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<v Speaker 1>pay gap in the United States, we could close the

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<v Speaker 1>gender we could we could add five twelve billion to

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<v Speaker 1>the U. S economy. And every American taxpayer subsidizes the

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<v Speaker 1>pay gaps because women in particular are more likely to

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<v Speaker 1>rely on social welfare programs. Kataka one thing I don't

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<v Speaker 1>kind of get. And if if we're relying on policy makers,

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<v Speaker 1>it may take a little while to get that parody right.

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<v Speaker 1>I feel like we've been waiting for a long long

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<v Speaker 1>time already, so you know that to me continues to

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<v Speaker 1>be a slow process. But what about the private sector,

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<v Speaker 1>And I'm thinking about corporations. We see E s G

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<v Speaker 1>policies put being put out in a big way, d

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<v Speaker 1>E I policies being put out in a big way.

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<v Speaker 1>So what's the onus actually on the private sector and

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<v Speaker 1>companies to really move more aggressively on party. You work

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<v Speaker 1>with companies, you look at their data points. What's the

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<v Speaker 1>conversations that you're having as to why or what you're

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<v Speaker 1>hearing is to why companies aren't being kind of better

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<v Speaker 1>when it comes to making sure there's parody, especially on

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<v Speaker 1>pay an opportunity for men and women. Yeah, it's a

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<v Speaker 1>great question. The the the the issue isn't awareness in

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<v Speaker 1>the execution. So about percent of companies put equity in

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<v Speaker 1>their top priorities. The only the issue has been only

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<v Speaker 1>of employees regularly see it shared and measured. So it's

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<v Speaker 1>really a different between employer branding and the employee experience

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<v Speaker 1>and and what pipeline the company that High Run is

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<v Speaker 1>designed to do is to actually close that gamp, which

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<v Speaker 1>is to get ahead of the decisions that companies were making,

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<v Speaker 1>but to actually insure that they Yeah, no, I listen

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<v Speaker 1>to what you say, Kada like this high idea, Like

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<v Speaker 1>they have the awareness that's pretty high, But it's the execution.

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<v Speaker 1>And I know this is what you help companies do,

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<v Speaker 1>but why aren't they executing if they see the data

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<v Speaker 1>they understand just got about thirty seconds left here. Why

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<v Speaker 1>aren't they doing it? I think in the past they

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<v Speaker 1>haven't had the tools and the systems to actually do that,

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<v Speaker 1>and now they do with companies like Pipeline, and we

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<v Speaker 1>actually now just in the last month, UM expanded our

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<v Speaker 1>offerings to companies that have two hundred or more employees

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<v Speaker 1>as well as they can get a free equity baseline report.

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<v Speaker 1>So if there's not even a cost to it right now, alright,

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<v Speaker 1>We're gonna leave it on that note. Kodaka. Always good

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<v Speaker 1>to catch up with you, Kardaka Roy. She is chief

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<v Speaker 1>executive officer founder of Pipeline. John Gus on the phone

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<v Speaker 1>from Paris