Sex Discrimination in the Workplace
Salomon Smith Barney is one of the world's largest financial brokerage groups, with headquarters in New York City and 500 offices serving more than 100 countries around the world. Recent studies indicate that the financial industry as a whole continues many practices that are discriminatory to women, such as unequal pay as well and discriminatory hiring and promotion practices. This paper examines whether a gender gap in pay and promotion does exist within Salomon Smith Barney and the issues these practices raise from a human resources standpoint. It looks at the deleterious effects these practices could have, both in terms of lawsuits, negative publicity and market/employment competitiveness. Finally, the paper makes recommendations on how the human resources department could help Salomon Smith Barney avoid clams based on sex discrimination in the future.
Studies comparing the salaries of men and women show a dramatic disparity in the salaries of men and women. Despite pay equity laws and a growing awareness of gender discrimination and women's rights, this "gender wage gap" continue to exist between men and women across a broad range of occupations. Data from the Bureau of Labor Statistics shows that on average, women earn only 78 cents for every dollar earned by a male employee (BLS 2000).
This figure, however, is even lower in the financial services industry, where in 2000, women earn only 68 cents compared to their male counterparts. No company in the financial industry - Salomon Smith Barney included - pays their female employees on the same scale as men. In fact, the 2000 figure represents a step back from 1995 levels, when women in the finance industry were paid 78 cents for every dollar paid to male employees (cited in Mollison 2002).
Furthermore, studies have also found that companies...
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