Mastercard committed to equality in the workplace
Cashless transaction giant Mastercard has doubled down on a firm commitment to equality in the workplace, pledging to eliminate the disparity in pay between its male and female members of staff. And it’s pledged to close this pay gap immediately – within the “current compensation cycle”.
The company has been investigating payment equality across its offices in the wake of a sustained outcry in the developed world around equality for women. Earlier this month, it released the findings of its investigation in a public report. The results were pleasantly non-scandalous: for “equal performance at the same level,” women working at Mastercard receive 99.1¢ for every $1 that their male counterparts take home. In other words, the company has a 0.9% pay gap – far smaller than the national average of 17%.
In the first 7 weeks of the year, Mastercard’s share price has appreciated by 16%
SOURCE: Yahoo Finance
Mastercard has said that it examines its pay data on a regular basis, and “if disparities are found and not explained in an acceptable manner, appropriate responsive action is taken.” As a result, the company is eager to tackle the 0.9% difference in pay that it’s uncovered.
The report said: “Gender equality is the foundational core of our commitment to building an inclusive, high-performing culture at the company. We remain dedicated to maintaining practices designed to ensure there is equal pay for equal performance at the same level.”
Mastercard has joined other financial companies recently – including Citigroup Inc. and Wels Fargo & Co. – in disclosing inequality in pay between the sexes. In each case, the disparity between gender compensation hovers around the 1% mark.
Dominion holds Mastercard in its Global Trends Ecommerce Fund.
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