Latest news with #wagegap
Yahoo
3 days ago
- Sport
- Yahoo
Caitlin Clark Joins Fellow Stars In Delivering Powerful Statement At WNBA All-Star Game
Caitlin Clark Joins Fellow Stars In Delivering Powerful Statement At WNBA All-Star Game originally appeared on Fadeaway World. The WNBA All-Star game is off and in full swing as Team Clark faces off against Team Collier. Beyond the entertainment, the event has served as a platform, addressing some of the issues plaguing the athletes. Caitlin Clark joined the All-Stars, using the event as a platform and donning warm-up gear to make a powerful statement: "Pay us what you owe us." The wage gap between the NBA and the WNBA has been a topic of discussion around the league for a long time. While several different points have been presented from both sides, the WNBA All-Stars are doing their best to make sure their grievances are heard. While Clark was expected to headline the event, the Indiana Fever guard will be sidelined with a groin injury, which will see her serve as a captain and coach instead. As the leader from the sidelines, the 2x All-Star is expected to play a major role for her team. With this in mind, before the game, Clark was asked what her objectives for the game would be. She hilariously responded by saying: "I think I've got to heckle the refs a little bit. I don't know who's reffing yet, but that will determine how much I will heckle I can get a technical or something. Honestly, just have a good time." In light of her recent run-ins with officials, Clark seems to be cracking jokes in reference to this, adding that a potential ejection would not be out of the realm of possibility for her. But she also stated that having fun with her team remains the priority. The Fever guard has been one of the driving forces, if not the primary one, for the WNBA's recent surge in popularity. With her exciting style of play drawing the interest of basketball fans globally, the two-time All-Star ensured a greater audience for the All-Star Games this year. Clark led all vote-gatherers with a total of 1,293,526 votes over Napheesa Collier's 1,176,020. With the two stars emerging as team captains for the event, the All-Star game is bound to be an exciting one. The All-Star Game matchup between Team Clark and Team Collier is expected to be an exciting one. Team Clark's starting lineup will feature Kelsey Mitchell (replacing Clark), Jackie Young (replacing Satou Sabally), and Sabrina Ionescu in the backcourt. Meanwhile, their starting frontcourt features Aliyah Boston and A'ja Wilson. Team Collier has gone big with rookie Paige Bueckers and Allisha Gray in the backcourt, while Napheesa Collier, Nneka Ogwumike, and Breanna Stewart fill out the frontcourt. Adding to the excitement, the game will also feature new rules. With two four-point circles in each half, live hockey subs, and a 20-second shot clock, the game is poised to be an exciting event for those in story was originally reported by Fadeaway World on Jul 20, 2025, where it first appeared.
Forbes
13-07-2025
- Entertainment
- Forbes
Beyoncé, Taylor Swift, Pay Equity And The Value Of Black Women's Labor
Beyonce Knowles performs onstage during the Coachella Valley Music and Arts Festival at the Empire ... More Polo Field in Indio, California. Getty Images for Coachella For all her global influence, even Beyoncé hasn't been immune to the wage gap that Black women in America face. When she released her Renaissance World Tour concert film in 2023, she didn't go through the usual Hollywood studio channels—instead, she struck a direct deal with AMC Theaters. It was a bold move, but also a telling one, especially in an industry where Black women creators are often offered smaller distribution deals and less backend compensation than their white counterparts—even when their work drives massive cultural and financial impact—sometimes the only way forward is to build your own lane. The entertainment industry makes clear just how differently the system can treat artists. When Taylor Swift fought for ownership of her master recordings, major labels lined up to support her re-recording efforts. She had the industry behind her. That kind of institutional backing is what should be standard for all creators—regardless of race, background or genre—but it rarely is. Black Women's Equal Pay Day, observed each July, marks how far into the year this demographic must work to match what white men earned the year before. The fact that this date falls deeper into the summer than any other group's is telling. White women reach pay parity in March, Asian women in April—but Black women labor until midsummer to close a gap that represents 64 cents for every dollar earned by white men, according to the Institute For Women's Policy Research. In another report by the U.S. Department of Labor, in 2023, Black women in the U.S. missed out on a whopping $42.7 billion in wages compared to white men. But the numbers get even grimmer. Over a 40-year career, the typical Black woman will lose approximately $1 million compared to her white male co-workers. Those dollars in lost wages also mean reduced consumer spending power; money that could have been reinvested into local businesses, the housing market and broader industries simply isn't there, and this drag on consumption can hamper economic growth, especially given that Black women are an influential consumer demographic. Also, the effect of lower pay can translate to higher rates of family poverty and less economic mobility in Black communities. When half the population operates at diminished economic capacity, the entire economy suffers. Despite growing political pushback against Diversity Equity and inclusion, the numbers still speak for themselves. According to McKinsey's 'Diversity Wins' report, companies with the highest gender diversity on executive teams are 25% more likely to outperform their peers financially. It's a reminder that inclusion isn't just a moral obligation but is good for business. Despite what the numbers say, the very systems that create this economic value often shut Black women out of it because the barriers are structural. Also, there is the 'double jeopardy' penalty for being both Black and female in environments where power and compensation are often reserved for those who are neither. Seemingly harmless and subjective phrases like 'executive presence' and 'cultural fit' are often used as coded language to filter out qualified Black women from senior roles. Bias shows up subtly: in salary negotiations, in who gets the stretch assignments and in whose leadership style is perceived as 'confident' versus 'abrasive.' The 'angry Black woman' trope can further penalize those who negotiate for higher salaries or advocate for themselves, even when they advocate respectfully, leading to underpayment even within the same job roles as other races. Why Executive Diversity Still Hasn't Trickled Down Silicon Valley offers one of the clearest examples of this phenomenon. The tech industry has created massive wealth in the last two decades, but Black women hold just 1% of senior leadership roles at major companies. Venture capital, for example, funds the next generation of wealth creation but invests less than 0.2% of dollars into startups founded by Black women. That's not a gap but a canyon that has been reinforced by decades of structural neglect. The finance sector also tells a similar story. Black women make up 7% of the banking and securities workforce but only occupy 1.4% of senior executive roles. This is especially problematic because compensation in financial services is reliant on bonuses, commissions and decision-making power and these rewards don't often trickle down. Even in healthcare—a sector where Black women have historically carried the burden of care—they're underrepresented in leadership. They make up 14.5% of the healthcare workforce but only 3% of executives. Portrait of a cheerful businesswoman smiling during a meeting with colleagues. getty In this paradox of value, Black women frequently contribute outsized value in productivity, creativity and leadership, yet they remain underpaid for it. Beyoncé's Renaissance film strategy illustrates this paradox perfectly: she had to create entirely new distribution pathways because existing Hollywood systems proved insufficient. Although the film raked in over $44 million at the global box office, the need to bypass traditional studios reflects broader patterns where Black women must build alternative systems to access fair compensation. Business ownership, which is frequently championed as an alternative path to financial independence, presents its own set of challenges. Despite being the fastest-growing demographic of entrepreneurs, Black women typically start their businesses with less capital, generate lower revenues and struggle to access growth financing. According to the Economic Policy Institute, the COVID-19 pandemic made this disparity worse because Black women experienced the highest rates of job loss during the initial economic shutdown. However, they were also overrepresented in essential worker categories that carried more health risks without proportional pay. The K-shaped recovery that followed—with high-skilled workers benefiting from remote work flexibility while service sector employees faced continued uncertainty—affected Black women disproportionately, especially those concentrated in vulnerable industries. The numbers behind Beyoncé's Renaissance World Tour tell only part of the story. Yes, it grossed $579 million, but the real business lesson is how she took her individual success and created a ripple effect that launched dozens of careers. Female artists like Swift have also demonstrated a similar economic impact across multiple cities and industries. This multiplier effect—where one person's success creates opportunities for entire ecosystems—illustrates what's lost when systemic barriers prevent other creators from accessing institutional support and resources. The path forward needs to be a hybrid solution of systemic change and individual action. To address this effectively, investors must look at their portfolios for companies with strong diversity metrics and pay equity records. Also, the conversation must shift from viewing pay equity as a cost to recognizing it as an investment. The question corporate America should now be asking is whether it can afford to address pay equity or ignore it. We are now operating in a knowledge economy where human capital increasingly drives competitive advantage, so undervaluing the contributions of Black women will continue to be a miscalculation. Beyoncé's ability to command premium pricing for her work offers a template: when talent is recognized and compensated, everyone benefits from the value created. Paying Black women what they are worth is a collective investment in our economic future. The question now is no longer whether closing the wage gap benefits everyone—the numbers prove it does—but how quickly we can build systems that unlock this economic potential.
Finextra
16-06-2025
- General
- Finextra
The LGBTQ wealth gap: What financial services must do next
0 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. April 2025 numbers from the Bureau of Labor Statistics revealed that the median weekly wage of a typical employee in the United States is $1,001. The Human Rights Campaign analysed this data and found that on average, for LGBTQ+ workers, earnings were around $900 a week. This wage gap equates to LGBTQ+ employees earning 90 cents on the dollar, with LGBTQ+ people of colour, transgender women and men and non-binary individuals earning even less. Alongside this, 2019 Williams Institute analysis of Behavioral Risk Factor Surveillance System (BRFSS) data found that 22% of LGBTQ+ adults in the US live in poverty, in comparison to 16% of their heterosexual and cisgender counterparts. While 29% of transgender adults and 29% of cisgender bisexual women are classed as living in poverty, 40% of Black transgender adults and 45% of Latine transgender adults are more likely to live in poverty than any other race. LGBTQ+ White workers earn 97 cents for every dollar the typical worker earns. LGBTQ+ Latine workers earn 90 cents for every dollar the typical worker earns. LGBTQ+ Black workers earn 80 cents for every dollar the typical worker earns. LGBTQ+ Native American workers earn 70 cents for every dollar the typical worker earns. LGBTQ+ Asian/Asian Pacific Islanders workers earn $1.00 for every dollar the typical worker earns. Men in the LGBTQ+ community earn 96 cents for every dollar the typical worker earns. Women in the LGBTQ+ community earn 87 cents for every dollar the typical worker earns. Non-binary, genderqueer, genderfluid and two-spirit workers earn 70 cents for every dollar the typical worker earns. Trans men earn 70 cents for every dollar the typical worker earns. Trans women earn 60 cents for every dollar the typical worker earns. API LGBTQ+ women earn $1.00, or about the same as the typical worker. White LGBTQ+ women earn 96 cents for every dollar the typical worker earns. Black LGBTQ+ women earn 85 cents for every dollar the typical worker earns. Native American LGBTQ+ women earn 75 cents for every dollar the typical worker earns. Latine LGBTQ+ women earn 72 cents for every dollar the typical worker earns. The wage, and in turn, the wealth gap is stark. LGBTQ+ individuals face a significant wealth gap compared to their heterosexual and cisgender counterparts, experiencing lower average incomes and higher poverty rates. This disparity extends to various aspects of financial wellbeing, including homeownership, retirement savings and overall wealth accumulation. This Finextra long read series will focus on how the fintech industry can serve underrepresented LGBTQ+ customers during and after Pride Month – a celebration of the LGBTQ+ community and the contributions of lesbian, gay, bisexual, transgender and queer culture. More data needed to improve housing access for LGBTQ+ Williams Institute data surmises that in comparison to non-LGBT people, 'LGBT people appear to be more likely to face housing unaffordability, are less likely to own their homes and are more likely to be renters, and are more likely to be homeless.' Further, nearly half (49.8%) of LGBT adults own their homes, compared to 70.1% of non-LGBT adults and similar to the wage gap statistics detailed above, this trickles down to homeownership where it is evidently lower among LGBT racial minorities. According to Urban research, the first step in improving homeownership rates across the LGBTQ+ community is to gather more data. While federal surveys and data sources are currently used to analyse the demographic and economic characteristics of renters, homebuyers, and homeowners, this data does not include information on sexual orientation and gender identity and expression (SOGIE). This is expanded on in an article published in the Michigan Business & Entrepreneurial Law Review, 'Constructing the Yellow Brick Road: Preventing Discrimination in Financial Services Against the LGBTQ+ Community Financial Services Against the LGBTQ+ Community'. 'In 1998, L.1 Rosa, a transgender woman, encountered discrimination when she tried to obtain a mortgage application. At the bank, an employee refused to provide an application because the clothing Rosa wore did not conform with the birth gender that was listed on her identification. Or imagine how Adola DeWolf and Laura Watts, a lesbian couple, felt as they faced the threat of foreclosure when they tried to update mortgage documents to recognize their partnership because the bank did not recognize domestic partnerships.' 'Several recent studies have asserted the existence of discrimination against the community via analysis of Home Mortgage Disclosure Act (HMDA) data of same-sex applicants as a proxy for LGBTQ+ applicants. One study found that for non-objective reasons, same sex applicants were charged between 0.02%-0.20% more interest than similarly situated opposite-sex applicants. While there are already some legal protections against this type of discrimination, this article argues that they are insufficient and that more concrete protections are needed.' What are these protections? What can the fintech industry do to remedy these issues? By designing inclusive onboarding and KYC processes, financial players can support the LGBTQ+ community by recognising chosen names and gender identities. In the example shared above, documentation that allows non-binary gender markers, chosen names, and preferred pronouns, even if they differ from legal documents, would have helped. By reducing friction for transgender applicants with clear, respectful processes for those who have legal documents in transition or inconsistent due to name or gender marker changes, this can help to improve the number of LGBTQ+ that own homes. Training algorithms and staff to use inclusive data strategies and recognise or mitigate bias is also crucial for ensuring LGBTQ+ communities are included. Alternative data required to improve credit scores LGBTQ+ people are less likely to have high credit scores that would qualify them for the best offers for mortgages and loans. In a 2019 CLEAR report, LGBTQ+ adults were two times more likely than non-LGBTQ+ adults to report Poor or Very Poor credit scores (16% vs. 8%). In addition to this, over a third of LGBTQ+ people who had submitted applications for credit were turned down (35% vs. 21% of non-LGBTQ+). Similar to the wage, wealth and housing gap, LGBTQ+ women and people of colour are more likely to have a Poor or Very Poor credit score, and as a result, be turned down for a loan or offered less credit than they wanted in the past year. Going beyond traditional credit scoring, many LGBTQ+ individuals may face challenges building credit due to discrimination, financial exclusion, or a history of informal or unstable employment. By incorporating alternative indicators such as rental history, utility payments, and digital financial behaviour such as regular savings or subscription consistency, can help to provide a more accurate and fair assessment of creditworthiness. Lower income + higher cost of living = lower retirement savings The combination of lower incomes and higher costs of living often translates to lower retirement savings. For instance, in 2022, 'LGBTQ+ workers had a median retirement savings of approximately $14,000, significantly lower than the $51,000 median for non-LGBTQ+ workers. Additionally, only 15% of LGBTQ+ workers had saved over $250,000 for retirement, compared to 26% of their non-LGBTQ+ counterparts.' Additionally, because the federal government did not recognise LGBTQ+ marriages until relatively recently and as mentioned, average incomes are lower, LGBTQ+ employees may have lower Social Security benefits to support their retirement. The LGBTQ+ community is also statistically less likely to be married, impacting financial planning and inability to reap the benefits of retirement vehicles that provide mechanisms to transfer accounts to spouses tax-free. However, without a spouse, these tax advantages may not apply, potentially leading to higher taxes on inherited assets. Pensions may also not be available to non-married spousal beneficiaries, which can leave them without crucial financial support. Improving LGBTQ+ retirement savings requires addressing both structural inequities and the unique life experiences that impact financial planning within the community. Fintechs, policymakers, and employers all have a role to play. Employers should ensure retirement plans (like 401(k)s or pensions) include access for all employees, regardless of marital status or gender identity, and offer spousal/partner benefits for same-sex couples. Fintech platforms can personalise projections and advice to reflect the specific goals and situations of LGBTQ+ users (e.g., later life transitions, chosen families, caregiving responsibilities). Financial education content and human advisors should also be trained on LGBTQ+ issues, such as how Social Security or inheritance laws apply differently depending on relationship status and location. The financial inequality faced by the LGBTQ+ community is not just a matter of dollars and cents. It reflects decades of structural discrimination, policy gaps, and exclusion from traditional financial systems. From lower wages and higher poverty rates to reduced access to homeownership and retirement savings, LGBTQ+ individuals, especially transgender people and LGBTQ+ people of colour, are disproportionately impacted across every stage of the financial journey. As fintech firms rise to reshape the financial landscape, they are uniquely positioned to lead the way in creating more inclusive, equitable services. By designing digital products that respect diverse identities, leveraging alternative data to improve credit access, and tailoring advice for non-traditional family structures and life paths, fintechs can bridge the gap where legacy systems have failed. This is not just a matter of inclusion, it's a business imperative and a moral responsibility. Pride Month is a powerful reminder of how far we've come, but it's also a call to action. The fintech industry must ensure that financial inclusion doesn't end with rainbow branding in June. It must be embedded into the design, delivery, and data of every financial product, every day of the year.
Forbes
06-06-2025
- Business
- Forbes
Pay Transparency Arrives In New Jersey: What Employers Need To Know
On June 1, 2025, New Jersey's Pay and Benefit Transparency Act officially took effect, ushering in new requirements for how employers advertise jobs, share salary information, and communicate promotional opportunities. With this law, New Jersey joins a growing list of states advancing pay transparency as a tool to close wage gaps and promote fairness in hiring. For employers with operations or applicants in the Garden State, the new requirements demand immediate attention. The law applies to businesses with 10 or more employees over the course of 20 calendar weeks that either operate in New Jersey or take applications for employment within the state. That includes private companies, public employers, staffing firms, and job placement agencies. At its core, the New Jersey Pay and Benefit Transparency Act (NJPBTA) is about ensuring job seekers and current employees have access to meaningful compensation information. The law introduces two main obligations: job posting transparency and promotional opportunity notice. When advertising a new job or transfer opportunity, whether internally or externally, covered employers must now include: Importantly, the wage range must include both a minimum and maximum figure. Phrases like 'up to $35 per hour' or '$70,000 and up' do not satisfy the law's requirements. The same applies to benefits. Employers may no longer rely on vague terms like 'great benefits' or 'competitive package.' Instead, they must provide a general but substantive overview. These disclosure rules apply across all posting formats, including print advertisements, company newsletters, job boards, emails, and social media. If the employer fails to provide the required information, the New Jersey Department of Labor and Workforce Development (NJDOL) may assess a penalty of up to $300 for a first violation and $600 for each subsequent violation. Employers must also make reasonable efforts to inform all current employees in affected departments about promotional opportunities, defined as a change in job title coupled with an increase in compensation, before making a decision. This applies regardless of whether the opportunity is posted internally or externally. However, there are two exceptions. Employers do not need to provide notice for promotions awarded solely based on performance or seniority, or those made on an emergent basis due to unforeseen circumstances. Employers based outside of New Jersey are not off the hook. If a company has employees in New Jersey or accepts applications from New Jersey residents, it must comply with the NJPBTA when advertising positions accessible to those applicants. Even remote-first or nationally recruiting employers should review whether any aspect of their hiring or promotion practices triggers coverage under the law. Temporary help service firms and consulting firms are treated slightly differently. They are not required to disclose wage and benefit information in general job postings used to identify potential applicants for future assignments. However, they must provide that information to candidates at the time of interview or hire for a specific job opening. This carveout is narrow and applies only to speculative postings, not confirmed job assignments. The NJPBTA builds on New Jersey's broader pay equity framework. Since 2018, the Diane B. Allen Equal Pay Act has prohibited pay discrimination based on any protected characteristic under the state's Law Against Discrimination. Employers are also barred from asking about a job applicant's salary history under a separate law that took effect in 2020. Given these overlapping requirements, employers should take immediate steps to bring their job advertising and internal promotion procedures into alignment with the law. That means updating job posting templates, training recruiters and hiring managers, reviewing third-party postings, and creating internal workflows to ensure eligible employees are informed of advancement opportunities. Pay transparency is no longer a best practice in New Jersey. It is now a legal requirement. The NJPBTA also brings with it broader implications. Salary disclosures may raise questions among current employees about internal equity, and employers should be prepared to address those concerns thoughtfully and consistently. While the law allows for pay differences based on experience, education, and job-related skills, it does not excuse disparities rooted in unlawful discrimination. Employers should be proactive in reviewing their compensation practices to ensure compliance with New Jersey's Equal Pay Act and Law Against Discrimination. New Jersey's move reflects a nationwide push toward greater transparency in employment practices. From California to Colorado, and from New York City to Washington State, jurisdictions across the country are codifying salary disclosure and fair opportunity principles. For multi-state employers, this patchwork presents a compliance challenge, but also an opportunity to lead with equity and build trust with candidates and employees alike. The NJPBTA reinforces a simple idea: job seekers deserve to know what they can expect to earn, and employees deserve a fair shot at advancing their careers. With the law now in effect, employers who haven't already taken steps to comply must act quickly to avoid penalties and ensure consistent practices across platforms and departments. As more jurisdictions move in this direction, a proactive approach to pay transparency is no longer optional. It's essential for minimizing legal exposure and maintaining operational readiness in a changing regulatory landscape.
CTV News
22-05-2025
- Business
- CTV News
Durham Region Transit workers vote for strike mandate
A Durham Region Transit bus is seen in this undated photo (Unifor). Durham Region Transit (DRT) workers have voted 98 per cent in favour of strike action next month. In a news release on Thursday, Unifor says members working at DRT voted on Wednesday for strike action if a deal cannot be reached with the region by midnight on June 6. 'The region has a responsibility to invest in public transit and in the workers who uphold it, especially as the community continues to grow,' said Unifor National President Lana Payne in the release. Unifor Local 222 represents 616 transit workers—from operators to maintenance, dispatch, and specialized services. The union says one of the key issues they're negotiating is closing the gap on wages. 'Transit workers in surrounding '905-area code' municipalities with similar populations and growth projections, such as in Mississauga and Brampton, earn as much as $5 more an hour than their counterparts in Durham Region for the same work,' Unifor says. Last April, Durham Regional Council agreed to fully funding the 127 per cent growth Unifor said was needed for the transit system by 2032. But the union says since negotiations began on March 31, 'there has been little movement by the region to make good on its promise.' 'It's time to close the wage gap,' said Unifor Local 222 President Jeff Gray in the release. 'Our members deserve equal pay for equal work. Their skills and dedication to the job must be recognized in the next contract.' If the two sides cannot negotiate a new contract, Unifor members will be in a legal strike position on June 7 at 12:01 a.m.
