The pay gap between executive men and women is larger than the gap in the general work force, a new study has determined.
Catalyst, a non-profit group that works to advance women in business, reported that the highest paid women corporate executives earn 68 cents to every dollar men corporate executives earn in the United States. Women executives in the study earned a median total compensation of $518,596, while men earned a median total compensation of $765,000.
The total U.S. work force currently allots women 76 cents for every dollar men earn, an eight percent difference from the corporate wage gap.
“There is not one simple, single explanation,” said Sheila Wellington, President of Catalyst.
Although women are gradually getting more high-level jobs, the largest paychecks are still going to men. This is mostly because men hold 94 percent of “line” positions, jobs tied to direct responsibility of corporate profits.
Corporations need to make a commitment to retaining and promoting talented women, and provide them with jobs that give them the skills needed to succeed as top executives.