Citigroup is the first U.S. company to agree to disclose its median pay gap on a global level. -- Arjuna Capital is pushing for companies to reveal the data to see the “position gap,” how well they're doing at getting more women into the top-ranking, highest-paying jobs.
Citigroup revealed a “raw,” unadjusted — and unflattering — figure Wednesday showing that median pay for women is 29 percent less than it is for men at the global financial services giant, becoming the first U.S. company to agree to disclose its median pay gap on a global level, an activist shareholder said. In its announcement, Citi also said the median pay for U.S. minorities is 7 percent less than it is for non-minorities.
The news, which Citi revealed in a blog post Wednesday morning, followed a proposal from activist investor Arjuna Capital for Citi to go beyond reporting a figure that was recently mandated in the United Kingdom, comparing median pay for female employees with that of their male peers, and offer a global snapshot of the figure along both race and gender lines. The news was first reported by Bloomberg News.
The figure is a different way of measuring the pay gap than what’s often called pay equity, which compares the earnings of men and women who work in the same jobs. Citi said last year that women make 99 percent of what men make when adjusted for factors such as job function, level and geography, and that it would make adjustments to close that gap.
Yet Arjuna Capital is pushing for companies to reveal both figures — it plans to announce a campaign in the next few weeks targeting 12 more companies with the same request — as a way to illustrate not only whether a company treats men and women working in the same job equally but also how well they’re doing at closing the “position gap,” getting more women into the top-ranking, highest-paying jobs.
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