Tiffany Pham, Founder and CEO of Mogul, joins Yahoo Finance to discuss Mogul’s work to decrease the equality pay gap and outlook on diversity in the workplace.
- On this women's equality day, we thought we'd take a closer look at how the pandemic is disproportionately affected women economically. And depending on which study you look at, the pandemic either halted progress on closing the gender pay gap. Or there was a slight bit of progress. But that progress is really the result of more women at the lowest end of the pay scale either losing their jobs or leaving them to care for their families and so no longer showing up as part of the workforce.
Tiffany Pham is founder and CEO of the HR tech company Mogul which is working to close the equality pay gap. And she joins me now. Tiffany, it's good to see you here on the show. Maybe you could just fill us in on what has happened to women's earning power during the pandemic?
TIFFANY PHAM: Absolutely. Thanks so much for having me. And, you know, it's been really unfortunate throughout this time throughout the pandemic, women continue to earn, unfortunately, only $0.82 on the dollar compared to men. And throughout the pandemic, we've been set back.
Throughout the pandemic, there's been a number of issues that have continued to set us back, whereby, before the pandemic, we were already 65 years behind men with regards to reaching parity at top leadership levels, for example. And now, another 35 years set back by this pandemic such that it's going to be another 100 years before we ultimately reach parity at top leadership level. So a number of issues that are still ultimately because of the pandemic led us to a slowdown before we reach parity.
- So we've got a graphic up right now showing the fight for equal pay for women of color. And talk to us a little bit about what things have been like for that segment of the population when it comes to pay equality.
TIFFANY PHAM: So definitely every segment of the population throughout, women-- Asian women, Black women, Hispanic women-- have faced even more overarching inequality overall compared to all women. As I said, women overall, $0.82 on the dollar compared to men. But when it comes to Black women, we're only making, I think, $0.63 on the dollar, Latinex women, $0.55 on the dollar.
This is 37% less than white men. This is less-- 30% less than white men respectively. So overall, we have to continue to raise our voices advocating for equal pay for equal work. And there's a lot more to do. And Mogul as a company, what we do is as a leading diversity recruitment company for the world, we work to ultimately provide our clients with the ability to bring women, minorities to ultimately incredible opportunities within the workplace and ultimately ensure that these companies are then bringing them these amazing opportunities at equal pay, at fair pay, and ultimately ensuring that these companies are then bringing them into these amazing environments that are inclusive where they can belong.
- I know that you work with a lot of Fortune 500 companies there at Mogul. And we now know that a record number of females are CEOs of Fortune 500 companies, a whopping 41 of them. So 8.1% of the overall companies in the Fortune 500 company are run by females. That is progress. And we don't want to not shine a light on that. But how is Mogul helping to hopefully increase that number over time?
TIFFANY PHAM: That is definitely progress. But I look forward to the day when we can say at least 50% of companies at the Fortune 500 are being run by women if not more. Mogul is definitely helping to progress this number. We are, again, a leading diversity recruiting company that is not only providing software services to Mogul, our clients to source overall talent for our overall goals so as to ensure more diverse workforces overall.
But we also provide executive search and board search services for our clients to be able to diversify their leadership at director, VP, C-suite, and board levels as well. So as a result, we're creating incredible opportunities for our women, minority, people of color, diverse candidates across our ecosystem to now have the opportunity to be placed at the C-suite at the board level of amazing Fortune 500 company-- clients, like Chanel, UBS, Bristol Myers Squibb, Intuit, Mastercard, eBay, and more-- and have, again, opportunity to now lead these companies to incredible heights and themselves on a personal level, reach their greatest heights.
So it's an amazing opportunity to be creating amazing impact for now women as part of Women's Equality Day to now have an amazing at the forefront of this movement, an opportunity to lead this movement to now help women reach the very top.
- And what do you make, though, of places like the NASDAQ market site, for instance, mandating that companies that list there have at least two diverse people on their boards. It depends-- company by company, it could be a person of color or a woman on the board. But is it really the place of somebody like the NASDAQ to put these mandates on privately-held publicly traded companies?
TIFFANY PHAM: I personally am a friend of the NASDAQ team actually helping to create these guidelines. And the organizations are collaborating as well. And so, of course, on a personal level, on an organization level, I greatly believe in what they're doing. I really commend them for their efforts because somebody has to do it.
And so NASDAQ, whether it's Mogul, NASDAQ, somebody has to ultimately state what is right, state, ultimately, especially in their position what they believe in and especially if they have the platform and the power and the influence and the impact to be able to create this opportunity, this guideline, then so be it so that ultimately other companies can follow suit.
So I greatly commend NASDAQ, their team for what they're doing. And it's just the start. Hopefully, the New York Stock Exchange can follow suit. Others can follow suit. And it can create bigger impact in this way.
- All right, Tiffany Pham, founder and CEO of Mogul. Good to see you today. Thanks so much.