Despite the fact that the principle of equal pay has been institutionalized for decades, the gender gap remains wide, with little improvement in recent years.
On average, in the European Union in 2021 women’s gross hourly earnings were 12.7% lower than men’s per hour worked.
In Cyprus, this figure rose to 9.7%, however, the country recorded one of the largest gender pay gaps in the private sector at 19.3%.
Unlike most Cypriot companies, Prospectacy is an example of equal treatment of its staff members. Diversity in the workplace is at the core of the company’s operation and it is in this context that Prospectacy Ltd supports the Best Workplace for Women standard, which has come to fill this major gap.
The key criteria for a business to secure Best Workplace for Women certification are that it meets the minimum requirements for fair pay and promotions, offers a healthy workplace, provides meaningful work, and supports women wherever they work — remotely, in situ, or hybrid.
Simply put, gender should play absolutely no role in a person’s opportunities for career advancement.
Equality and the equal treatment of both sexes at this time should be self-evident and not yet demanded.
One of the factors affecting wages is the fact that, on average, women complete more hours of unpaid work (childcare or housework) than men.
They are also much more likely to interrupt their careers while some of their career choices are affected by caring and family responsibilities.
Additionally, about 24% of the overall gender pay gap can be explained by the overrepresentation of women in relatively low-paying sectors such as healthcare. It is also characteristic that only a third of managers in the EU are women, even though they represent almost half of the workforce.
Prospectacy against discrimination
In the case of Prospectacy, women are not only rewarded for their hard work, but also receive the professional recognition they deserve, given that the company’s middle management consists entirely of women.
At the same time, recognizing the additional difficulties and challenges faced by the modern working mother, the company offers a flexible work regime, both in terms of hours and in the space from where its staff members will work.
Describing her personal experience, the head of Prospectacy’s legal department, Yanna Raevskaya, emphasized that during her maternity leave, she never felt insecure about returning to work.
“On the contrary, Prospectacy has always been by my side, in all those cases where it was needed. And as a worker, I had an extra motivation to work even harder. Any organization that understands the needs of employees gets back much more from them than it gives,” she said.
Ms. Raevskaya emphasized that all companies can and should create work cultures that support women and help them thrive, regardless of background and position in the business.
The Best Workplace for Women standard also aims in this direction and the goal is to become an institution.
“It would undoubtedly be beneficial to continue and develop in the future, rewarding businesses and organizations that provide a healthy working environment for employees, while treating them equally, without any discrimination, pay or otherwise,” Ms. Raevskaya pointed out.
