I believe in equal pay for equal work, which is why I’m totally okay with Citigroup’s announcement that, after careful study, the median pay for women is 71 percent of the median pay for men. (Minorities earn 93 percent of what white men earn.)
If that sounds bizarre to you, you need to think back to sixth-grade math where you learned the term “median.” The median is simply the middle number. So if you have 11 people, and you line them up by pay, whatever person number 6 earns is the median pay of that group. It can give you some idea of how things work, but it’s not really the most helpful of numbers. This is especially true when you are looking at salary differences.
Citigroup, for instance, has call centers. I’m pretty darn sure the people I call (full disclosure: I have a Citibank credit card) when I need to change my address earn a lot less than the Senior VP of Finance at Citigroup HQ. And that’s okay.
To keep reading, click here: Citigroup Pays Women 71 Percent of What Men Earn, and I’m Totally Okay with that