May 19, 2021
By Jane Brown
It represents a staggering disparity in Corporate Canada.
A new Statistics Canada study reveals women executives earn about 56-percent less on average than men executives, and this pay gap widens even further for racialized women who earn about 30-percent less than non-visible minority women.
Translated into dollar figures, there was a 600-thousand dollar difference between the average woman executive’s income at just over $495,000 annually and the average executive man’s compensation of $1.1 million.
The average compensation for visible minority women is $347,000 while visible minority men earned just over $680,000 a year.
The authors bill the report as the first socio-economic profile of women executives using an intersectional lens.
One of the study’s most shocking findings concerns the number of racialized women in executive roles. And there are so few indigenous executives, both men and women, that Statistics Canada was limited in what could be reported over concerns about violating the individuals’ privacy.
Over all, about one in ten women executives identified as a visible minority.
The analysts also examined the family status of executives. Women are less likely to be in a relationship. When they have children, they have fewer of them.
The authors also say more women are leaving the workforce at 45, 55 and 65 because they have caregiving responsibilities: caring for parents, spouses, and grandchildren for example.