A recent study by BioSpace revealed a shocking salary disparity between men and women at top companies in the United States.
BioSpace analyzed salaries based on gender, college degree, years of experience and industry sector and found that the gender pay gap continues to widen in many industries. The gender pay gap refers to the difference in compensation between men and women for the same job, including bonuses and other perks.
“For most categories in this study, the base salaries paid to men are significantly higher than those of their female counterparts,” the report said.
This includes bonuses. In fact, an ADP study found that bonuses contribute to a significant difference in compensation between men and women.
While the average base salary for men is almost 20% higher than for women, men’s bonuses are about 32% higher. For those with doctoral degrees, the base salary gap between men and women jumps to 28% in favor of men, mimicking data from the 2018 census.
The census found that women in professional and technical occupations earned about 68% as much as men, though the gap closed to 88% in physical and social science industries.
The biggest gap in salaries exists in healthcare.
“Breaking down the gender pay gap by industry sector reveals a difference of nearly 48% in healthcare, 40% in academia, 12% in biotech and 11% in pharma. In medical devices, the gap was less than 7%,” BioSpace found.
The ADP report found similar results, with women earning 17% less salary compared to men. They also found that salary disparities tended to increase as employees worked longer in the industry.
“When categorizing new hires by age and income, women aged 20 to 30 with a low starting salary had a near-equal base pay of men; however, the base salary gap worsened for women after six years.”
The report added, “Additionally, when bonus is factored in, young women fared the worst with a 21 percent lower bonus-to-base ratio compared to their male counterparts.”
Despite the pay gap, BioSpace found that salaries across the board are on the increase.
Most employees reported pay increases of nearly 5%, the majority being merit-based. Other pay increases came from internal promotions or changing careers. In addition, BioSpace found that employees with Masters degrees earned more than their Ph.D.-level counterparts.
Boston is the hotbed for high-salary jobs, where the average life sciences salary is over $130,000, and the average bonus a whopping $35,000.