In fact, it was found in a recent report by Rosenzweig & Co. consultancy that as less as merely eight female have made it to the list of CEOs of the 100 biggest companies in Canada. The situation looks no better when other C-level positions are explored in the biggest companies. If we look at other key positions of a company, for example chief technology officer or chief financial officer positions, out of the top 526 such positions in the biggest companies of Canada, as less as a mere 42 such positions are held by women. The reason is obvious and clear. It prevails a long inbuilt discrimination and gender bias that has been ruling the world over centuries and ages. In a recent interview, managing partner Jay Rosenzweig confirmed that the immediate and obvious reason for this disparity in numbers is discrimination. He also mentions that it is either overt or it is covert hostility (Wotipka & Ramirez, 2008).
Discovery and research have revealed the fact that on the left-leaning think-tank’s annual list, the two female CEOs who are highest-paid are Linda Hasenfratz of Linamar Corp. and Dawn Farrell from the TransAlta Corp. group respectively. Linda earned a total compensation of $14.2 million in 2015. On the other hand, Dawn Farrell earned around $4.5 million. In addition, it has been argued by several critics that the wage gap between the two genders fades away when other factors like experience, age and educational levels are roped in. A global study was conducted by a workplace consultancy Catalyst recently and it focused on women and men who pursue MBA degrees and how much compensation they receive in their first job after the completion of the degree to minimize any chances of differences in skill that would emerge over time. In the research, it was revealed that even among graduates who possess identical levels of education, and women with an MBA degree earned $8,200 less than men on an average in Canada in their first jobs in the corporate world. In the study, it was revealed that women are never provided the same opportunities as men in their early careers. Hence, it becomes all the more difficult for women to build a base to rise to the C-level executive suite. A sustainable pipeline needs to be built to grow and retain female talent. This gap that is created early on in the professional ladder dwells a long way. Moreover, this explains why in 2015, Canada’s highest-paid CEOs still earn a whooping $170 million less than what Valeant CEO Michael Pearson, who was on top of the list (Bagilhole, 1993).
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