Bridging the DE&I and gender pay gap in Singapore
Companies in Singapore are failing to meet the expectations of their employees when it comes to gender pay equality and diversity, equity, and inclusion (DE&I).
47% of employees feel that their companies have not addressed their gender pay equality over the course of the past three years, while 43% feel the same way when it comes to DE&I policies, according to the ADP Research Institute’s People at Work 2023: A Global Workforce View report.
This compares unfavourably with countries such as Australia, China, and India, where over 50% of employees feel that their companies are performing better than three years ago when it comes to gender pay equality and DE&I.
Yvonne Teo, Vice-President of HR, APAC, ADP, said, “This stagnation is concerning when compared to the rest of APAC as it suggests that Singapore-based companies, which depend heavily on human capital, have not kept up with the rest of the region with regards to inclusivity.”
“It is important for businesses to address these differences, as Singapore has a multi-ethnic workforce, as well as an increasingly global labour pool. Failing to address DE&I and gender equality practices. can have considerable repercussions on talent retention, as talented employees might look at greener pastures where their differences are valued.
She recommended payroll data as an important tool to identify and provide C-suite leaders with information on gender or ethnic pay gaps. Companies can also consider investing regularly in the promotion of new roles and job openings to diverse applicants, while supporting internal initiatives that foster connections and promote diversity, Teo added.
Companies may also need to rethink their DE&I strategies, with employees calling not only for more training opportunities but also for company demographics to be reviewed to identify areas of improvement.