Does ending gender pay inequality require a transformation of the economic purpose of business in society?

This article discusses the need for businesses to transform their economic purpose in society to end gender pay inequality. It provides examples of companies like Tesco and Marks and Spencer and how they can promote equality at the workplace. The article also highlights the benefits of ending gender pay inequality for businesses, such as stimulating growth and fostering competitive benefits.

Business Economic Group
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Contents
Contents...........................................................................................................................................2
Does ending gender pay inequality require a transformation of the economic purpose of business
in society?........................................................................................................................................1
REFERENCES................................................................................................................................3

Does ending gender pay inequality require a transformation of the economic
purpose of business in society?
Ending gender pay inequality will bolster businesses to perform well and contributing in
global economy. With this, company achieves ability to ensure that all workforce of equal
experience as well as in similar positions are paid same, no matter their race or gender. An
organisation by transforming itself as per ending gender pay inequalities is able to accomplish its
economic purpose in society that is bringing innovation that facilitates growth. For example,
adoption of ending gender pay inequality does require transformation of economic purpose of
Tesco as the company needs to strengthen economic health and wellbeing of each society or
community wherein in establishment is based. It requires to implement fair schedule practices for
closing gender pay inequality through permitting workforce to ask schedule accommodations
together with reducing unpredictable scheduling (Chapman, 2018). With the transformation, the
firm needs to make workplaces more friendly and arrange accommodating work environment for
working mothers and fathers.
A company does require transformation of economic purpose in society to adhere
working as per ending gender pay inequality. In aspect to organisation, for example, Marks and
Spencer does need to transform its economic purpose in society to promote equality at
workplace. Around 72 per cent of overall employees of 85200 people of Marks and Spencer are
female and nearby 28 per cent are male. The entity requires to transform its recruitment and
selection procedure so to have male and female employees in equal proportion. Also, the entity
requires to reduce its non-demographic gender pay to work according to ending gender pay
inequality. With this, the company is able to ensure diversity and equality for achieving
economic purposes in society.
Transforming economic purposes of company in society for adopting ending gender pay
inequality is required by a business concern. Effective business transformation of economic
purpose in society will aid in survival addition to thrive for pursuing new innovation driven
opportunities (Sachs and Et. Al., 2019). A local business, for example, Marshfield Bakery needs
to transform its economic purpose to regular innovations which is significant to be pursued for
attaining profit objective. Working as per ending pay gap inequality improves potential of
company to stimulate growth as it has workforce with equal pay that brings huge ideas and views
for innovating products and services. With ending pay gap inequality, Marshfield Bakery gains
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advantage of building damaged relations and high employee morale to offer continuous
innovations to society. High employee morale generates eager among personnel to contribute in
achieving success in achieving economic purposes of establishment in society. Gender pay
equality engages workforce in their jobs and brings out most creative ideas for sustaining in
dynamic business environment. It results in enhancing business productivity as regular
innovation aids male and female employees to present views for reacting to changes as well as
discover opportunities by making equal pay. It leads to fostering competitive benefits in society
as it permits in building better along with innovative products and services for customers.
It can be said that business does require to transform as per ending gender pay inequality
to achieve economic objectives in society.
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REFERENCES
Books and Journals:
Sachs, J. D. and Et. Al., 2019. Six transformations to achieve the sustainable development
goals. Nature Sustainability. 2(9). pp.805-814.
Online:
Chapman. M. 2018. Analysis: How Tesco plans to close its gender pay gap. [Online]. Available
through: < https://www.retail-week.com/people/analysis-how-tesco-plans-to-close-its-
gender-pay-gap/7028468.article?authent=1>
Hendriksz. V. 2018. M&S's Gender Pay Gap: Women earn 12.3 percent less than men. [Online].
Available through: < https://fashionunited.uk/news/business/m-s-gender-pay-gap-
women-earn-12-3-percent-less-than-men/2018022728389>
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