Women may be losing millions due to the wage gap

The wage gap between men and women has made headlines throughout the last ten years with female employees in all industries talking about the income challenge. However, a recent study found the gap may be even more pronounced in high-earning fields, such as medicine or finance.

According to CNN, multiple analyses found large income gaps from male executive to female executives; men make millions more than their female counterpart. The same was true for female doctors and lawyers as the male lawyer earned 53 percent more than a female partner.

While the wage gap is a national issue, there are specific reasons why the difference is so prevalent among high-paying industries:

  1. Less bargaining power – studies show women are at a severe disadvantage when it comes to negotiating wage due to female stereotypes and employers’ actions against women who ask for higher salaries.
  2. Fewer connections – in the legal field, your salary is often determined by the amount of high-touch clients you bring to a specific firm. Many women have less access to expensive clients due to negative stereotypes and are offered less income because of it.
  3. The rarity of women in leadership roles – women are less likely to receive leadership roles in high-valued companies, so when a woman has an opportunity, they may accept less money than a male counterpart could.

These are only a few reasons why women may see a wage gap in higher-income positions than their male partners. It makes it critical for working women to recognize gender discrimination and seek equal treatment in the office.