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Men still earn more than women with the same jobs

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Men were 41 percent more likely to go into management roles and nearly twice as likely to have an executive position in the late stages of their careers

An unpleasant truth: Women still earn less than men for doing the same job. And while income inequality between men and women has shrunk, it remains stubbornly persistent and is prompting more workers to look for other jobs.

Overall, a woman makes about 76 cents for every shilling a man gets nationwide, according to a new study by salary-tracking website PayScale.

Even when comparing the sexes with the same job title at the same company and using similar education and experience, the gender pay gap persists: Men earned 2.4 percent more than women on average, down slightly from last year, PayScale said.

SEE: Why women are better investors than men

Gender pay inequity has negative consequences on employee retention rates across the board, the report said. Employees, regardless of gender, who believed their employer was not addressing inequity were more likely to be looking for a new job in the coming year.

Of course, the pay gap varies greatly by industry. The disparity was largest — nearly 30 percent — between men and women in finance and insurance, without controlling for job title, education and years of experience, among other factors.

On the other hand, the shift in favor of women’s earning power has been pronounced in the so-called STEM fields of science, technology, engineering and mathematics, according to a separate analysis by Federal Reserve economists.

Still, over the course of their lifetime in the workforce, men were 41 percent more likely to go into management roles and nearly twice as likely to have an executive position in the late stages of their careers, PayScale found. Nearly 20 percent of all women and 36 percent of those with MBA degrees said their gender was a factor in missing a raise or promotion.

“Addressing pay equity and ensuring equal pay for equal work is important but what gets lost is the opportunity gap,” said Lydia Frank, PayScale’s vice president of content strategy. “We can’t say there’s equitable pay when there isn’t equitable representation at the highest paying jobs.” (cnbc.com)

READ: Coupes likely to cheat when a woman earns more

Business Today is the leading independent online business website in Kenya. Started in 2012 by a veteran business journalist, it has a huge following both in Kenya and abroad. It covers various business and related issues. Email editor at: [email protected]

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Jobs

BBC set to hire more than 100 journalists

Currently, broadcaster employs more than 300 natives in the region compared to more than 200 in West Africa

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BBC World Service is preparing to hire more than 100 staff members in the East African region by early next year, in one of its ambitious expansion plans.

This was announced during a career fair held in Nairobi this week where more than 400 practicing and aspiring media professionals took part.

According to trainers, who spoke to the attendees, the Kenyan and East African Bureau are set to expand to cover more localised stories in the local dialect including Swahili and the Somali language in Somalia.

Currently, BBC employs more than 300 natives in the East African region compared to more than 200 in the West African region, according to sources within the administration. If the projected 100 employees are brought on board, BBC will be competing with some local media houses in terms of employee numbers.

RELATED: BBC top presenter earns like a king

Averagely, the leading Kenyan media companies employ around 1,000 people directly each, hence BBC will be almost halfway the number. Most media outlets employ far much below the number, with some employing as little as 20, despite the big number of professionals churned out the training colleges and universities in Kenya.

According to World Bank estimates, close to 800,000 youth, mostly from the numerous institutions of learning, enter the Kenyan job market annually. Out of this number, only about 70,000 may succeed in securing professional employment in the formal sector.

Media graduates may constitute 3-5% of the total population of graduates, meaning that at least 20,000 communication and media practitioners graduate every year.

ALSO SEE: Standard Group shops for a CEO at Uchumi

Going by the World Bank statistics, around 1,500-2,000 media practitioners are absorbed in the formal employment sector every year. This leaves at least 18,000 without formal employment in the sectors they majored in, hence some end up in other sectors or are completely unemployed.

This was reflected in the BBC Career Fair, where only 400 out of more than 2,000 applicants were shortlisted for the fair.

Most of the applicants were fresh graduates looking for employment with very few applicants looking for greener pastures.

According to experts, very few graduates have competent skills that may secure them employment in leading/competent employers, hence will walk a long way towards finding attractive employment. Others argue that the job market is flooded, hence fresh graduates should be taught self-help skills that can benefit them even without employment.

READ: Former KTN news anchor joins BBC

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Career Adviser

7 tips for getting the most out of a job fair

Your elevator speech is people’s first impression of what you have to offer. Begin with a firm handshake and good eye contact.

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Does the very idea of a job fair make your palms sweat? Or do you get truly excited at the thought of getting to meet so many potential employers?

Whatever your personality, follow these simple tips to help you make the most of any job fair experience:

1. Set your expectations correctly

At a job fair, you can expect to introduce yourself to potential employers and answer employer questions, as well as get information and leads that are not available on the employer’s website. But don’t expect to have on-the-spot, full interviews or walk away with a job offer.
2. Research participating employers

Research is a critical part of the job search process. Find out ahead of time which employers hire people with your skills. Even if the company is not on your list of target employers, treat them as if they were.

3. Make a list of questions for employers

Ask about how they recruit and hire people with your skill set. Your target employers will likely have similar hiring practices.

4. Practice your elevator speech

Your elevator speech is people’s first impression of what you have to offer. Begin with a firm handshake and good eye contact. Use a clear voice and provide the employer with concise and relevant information. It’s a good idea to practice with someone else.

5. Prepare your supplies

Bring several copies of your resume, pen and paper for notes, and breath mints.

ALSO SEE:  Survival tips for freshly-employed graduates

6. Follow-up with yourself right away

After meeting someone, make a few notes. What did you discuss with them? Did you commit to any follow-up? It’s a lot easier to remember right after the meeting!

7. Send a thank-you email or letter

Remind your contacts of who you are and any specifics you discussed. Thank your contacts for their time and ask about next steps. Make sure to organize your job fair notes and contact information.

Source: blog.careeronestop.org 

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Career Adviser

Retire young and rich

Retiring early will have you do things you had plans for such as travelling the world, spending time with the family or venturing into some new hobbies

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Who wants to work forever? The idea itself brings about a cringing feeling. Are you fed up waking up every morning to prepare for work starting at 8 am to 5 pm, heading back home worn out only for the cycle to continue? Do not get me wrong, work puts food on the table and feeds the entire family.

Question is: Is that what you have planned for yourself for your entire life existence?

Retiring early will have you do things you had plans for such as travelling the world, spending time with family or venturing into some new hobbies; the list is endless. But to retire early, you need to be smart about it. You ought to plan your way out. There will still be bills to pay. First of all, decide why you would like to retire early.

According to Robert Kiyosaki, author of publications such as Rich Dad Poor Dad and Retire Young Retire Rich, discovering why you want to retire early will lead you to the ‘how’ bit of the puzzle. The ‘how’ will enable you to have a time frame for coming up with an exit plan. An exit plan for retirement is what will still be bringing you income; start up a business, buy and sell shares, do both, etcetera.

ALSO SEE: Hard work pays: Here is how

As you are working out your exit plan; save up a good lump sum of money and ensure you have an insurance cover. You should make sure you are of good health as well as being covered. Medical expenses are usually quite high. Once you have figured out where you want to venture to during retirement, execute it before that time comes. It will have you enjoy stability in earlier times before your retirement. A clever person will know not only to rely on pension as a retirement package.

The ultimate goal of dreams isn’t the success, but to get free of the ghost of conformism. Jump out of your comfort zone, be focused on your specific objective and enjoy the perk of early retirement.

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Career Adviser

Survival tips for freshly-employed graduates

You should live modestly, save your income and plan on your spending. It doesn’t make any sense living a lavish life that you cannot afford yet

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Fresh out of university? Starting off with a job with a minimal salary? You are on your own for the very first time. Reality has dawned on you as you reminisce on the days your parents or guardians showered you with pocket money. Spending every last coin on high end restaurants, clubs, designer clothes, you name it was the order of the day.

Now, you have to grow up. It is time you suit up and understand that in order to enjoy a good and comfortable life ahead, you ought to save and invest your money. Transitioning from such a stage is not the easiest, but it is indeed rewarding.

You should live modestly, save your income and plan on your spending. It doesn’t make any sense living a lavish life that you cannot afford yet. The majority of people who do so have the rush to please people as well as compete with others.

You could end up so deep in debt levels and unfortunately you end up stuck. It is a bad sign when your spending exceeds your income. Saving money for anyone is a very touchy topic today because some people do not know how to control it.

The following tips are wise ways on how you should live for now:

1. Live with roommates

You can even pick some of your friends. One gets to share costs on fixed budgets such as electricity and water.

2. Switch from the shopping mall to the market

For food as well as clothes. Fruits, vegetables and meat are fresher and cheaper in the market. Mitumba are a variety of second hand clothes which are unique, and some even have legit designer labels on them.

3. Stop eating at restaurants

Make food at home that you can enjoy; invite some friends over. Again, why not make your own coffee and skip the trip to the coffee house? The once-in-a-blue-moon-treat-yourself date is okay as a reward for saving.

ALSO SEE: Tips on getting a job straight from college

4. Credit cards is a no-no

Banks are very alluring when they are selling their products to their customers. A credit card will have you feeling rich all day; swiping it everywhere you go. Where it gets dangerous for you is that every time you swipe it, it places you deeper into debt.

5. Pack lunch to work every day

It saves you some good shillings because buying ready food can be quite expensive.

6. Do It Yourself

If you can do it yourself, why pay for it? These include activities such as nail polishing and eyebrow tweezing.

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