Though the Equal Pay Act of 1963 was not intended to provide "equality" among individuals or classes it is a law relevant only so long as there is no discrimination in its application by denying states the ability to discriminate. Has then gender discrimination really been laid to rest? Not at all. It persists in work places and compensation programs.
Even for women working on Wall Street they make 71 cents on the dollar compared to men of same experience doing the same jobs. US Census Bureau's 2007 American Community Survey had reported that women in finance and insurance occupations earn just 55.2 percent of men.
Performance counts at Wall Street but the evaluations of performance are often loaded against women who end up not receiving as high evaluations as their performance. The pay gap persists. Managers, usually men, tend to offer more opportunities to men just as when women are managers they do the same for other women but usually in lower-paying areas of business and not power.
Gender discrimination has created social gaps between the two genders. Women suffer pay discrimination silently and know when they're harassed and discriminated when being hired or during promotion seeing men with lesser skills and credentials bettering them. In many workplaces it is frowned upon to discuss pay or in some cases an offense leading to dismissal. In fact, according to a study men ask for raises 85 percent more often than women do. Strangely women often don't realise getting paid less than men. The problem therefore continues.
So what makes women so hesitant to negotiate for what they want and are entitled to? Much of it has to do with fear as they are far more inclined than men to worry about the impact that asking for more money and advancement will have on their relationships. Nor do they want to damage professional relationships, or people to think they are being too aggressive, too greedy, too ... you name it. They prefer more often than not to seek raise or the promotion indirectly.
Get fair compensation
If working on Wall Street are you being compensated fairly? Check available sources and study reports that come out in BusinessWeek that record what men and women make after graduation from business school to get an idea of what you should be making.
How To Make More
Women limit their earnings by making their work choices. Despite the advances in gender equality, women's salaries tend to be substantially less than those of men. Although he income gap has reduced women still make less then their male counterparts. To earn more one way is to work long hours; going into math and hard-science-based fields; taking on bottom-line activities; commission-based work. One should also take recourse to internal programs such as Women Leadership conferences, client-targeted events showcasing women leaders, women's internship programs and reverse-mentoring (in which Gen X workers share their viewpoints with Baby Boomer colleagues) that can boost your career.
Check Your Employer
Check whether potential employers have a history of gender bias. Look for instances when sexual harassment and gender inequity lawsuits were filed against a potential employer. If harassed or treated differently because you're a woman, keep record of everything. If groped tell your spouse and friends at work and report the incident to your superiors. Many women fear to report to HR as often the culprits get the protection. If that be the case document how you are treated differently after your complaint. If need be don't hesitate to consult a lawyer.