Why should businesses reduce their workplace wage gap?
New Brunswick’s demographics point to not only a shrinking labour force, but also a rise in demand for skilled workers. An increase in skilled workers is critical to sustain our economy. Women are a key element of the solution because they represent nearly half the labour force, yet many are not employed to their full potential.
Women who are not employed to their full potential represent more than just a wage gap –
they represent a productivity gap. By reducing the wage gap, we are also addressing New Brunswick’s skills and labour shortages.
It has been proven that strategies to reduce the wage gap also increase the number of skilled workers, create a stable workforce and improve a company’s bottom line.
Workplace wage gap strategies can help your organization to:
- Increase retention & reduce turnover of staff
- Strengthen recruitment efforts
- Lower absenteeism
- Decrease workplace stress
- Improve workplace morale
- Secure a stable workforce
- Solve workplace skills needs / shortages
These benefits can lead to increased workplace productivity.