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Gender Equality

Change is slow in addressing gender equality

Corporate America still has a long way to go in achieving gender equality – and change isn’t happening quickly, according to the recently published Women in the Workplace 2017 report from LeanIn.org and McKinsey & Company. Not only does gender equality in the workplace remain a major obstacle for women, but the report shows that women continue to face challenges at every step of the corporate pipeline.

Some key insights from the Women in the Workplace report include:

  • Nearly 50 percent of men think women are well represented in leadership in companies where only one in 10 senior leaders is a woman.
  • At the first critical step up to manager, women are 18 percent less likely to be promoted than their male peers.
  • Only 35 percent of women thought that their managers considered diverse candidates when filling positions.
  • Only 34 percent of women said their company addressed disrespectful behavior toward women.

The goal of the Women in the Workplace report is to give organizations the information they need to promote women’s leadership and foster gender equality. To establish the findings, researchers compiled pipeline data and survey data from 222 companies employing more than 12 million people. To read the full report, visit www.womenintheworkplace.com.

 

6 things to know about the new U.S. tax bill

On Dec. 19, the U.S. Senate passed sweeping reform of the country’s tax code. What will the changes mean for your bottom line? Here are some key components of the final tax bill that could affect your firm and its staff, according to Inc.com.

  • Permanent tax cuts for U.S. corporations and the wealthiest personal income brackets. The maximum corporate tax rate will be reduced to 21 percent from the current 35 percent.
  • Shift to a “territorial” tax structure. Corporations doing business abroad will no longer be taxed by the United States on profits they generate overseas.
  • Elimination of the Affordable Care Act mandate as a tax requirement. The tax bill removes the ACA mandate that individuals purchase health insurance, or pay a fee. This could lead to higher premiums for both individuals and employers as insurance companies will likely before to raise premiums rates in response.
  • Scaling back SALT (state and local income tax) deductions. The bill places a cap on property and income tax deductions at $10,000 per family. Some states are concerned that cutting back on SALT reduces the tax base for cities, and could lead to cuts to important local services such as infrastructure, health services and education.
  • Fewer deductions for employee perks. Companies can now only deduct 50 percent of the cost of food and beverage provided to employees rather than the full amount. After 2025, they will not be able to deduct any of this cost.
  • Changes to payroll taxes – ASAP. Beginning in 2018, personal exemptions will be eliminated, the standard tax reduction will double, and up to 28 percent of federal tax may be withheld on any employee bonuses, commissions or supplemental wages – automatically.