Dow Jones has pledged to close the wage gap among its employees. The well-intentioned gesture was made after the Independent Association of Publishers’ Employees, aka, the union that represents Dow Jones and The Wall Street Journal staff, published a report detailing the wage disparities between male and female journalists across the company. It also detailed salaries of minority employees.
In a memo to staff, Dow Jones chief executive officer William Lewis said: “Any disparity to an employee’s race or gender is troubling and inconsistent with the standards I strive to maintain at Dow Jones. We must, as a matter of urgency, address these issues head on.”
According to the union’s report, women at Dow Jones, which owns its namesake newswire and The Journal, earn 86.8 percent as much as their male counterparts, even though they make up 47 percent of the union workforce. White men make the most per week ($1,773.05) with Asian men not too far behind ($1,748.52). Asian women rank third highest paid at $1,617.70, ahead of white women at $1,497.34.
At the bottom of the list were Hispanic/Latino males ($1,320.68) and Black/African-American males at $1,227.88 a week, trailed by Hispanic/Latino females ($1,176.51) and Black/African-American females at $1,141.31 a week.
Journal editor in chief Gerard Baker added his two cents via an e-mail to staff Thursday.
“I have asked the Executive Leadership Team to do a thorough review of our current hiring, development and compensation programs to ensure diversity and equality are prioritized,” he said. “This will include a deep analysis of recruitment and remuneration practices across all segments, roles and regions of our organization.”
Vowing “transparency” about the efforts and results of his findings, Baker concluded: “We have the finest journalists in the world and I am anxious to ensure that we reward them properly and equitably.”