It is equal pay day.
Sallie Krawcheck, CEO of Ellevest--an investing platform dedicated to helping women invest--sat down with TheStreet to discuss Wall Street and how we can close the pay gap.
"So the gender pay gap for white women is decades away from closing. For black women it's 100 plus years away from closing. And for Latino women is 200 plus years from closing...
That is a very long time," Krawcheck said.
"And it's not fair. It's just fundamental fairness. So how do you change it? You just close the f'ing pay gap. You close the f'ing pay gap, okay?" Krawcheck said. "You go in, as a number of CEOs have done and you say, first of all, let's measure it because if you aren't measuring it, it's there. Because our biases, women have them and men have them, too, about gender tend to be so powerful. So first of all you measure it, and then you wipe it out. What? Doesn't that mean that I'm going to make less money? If I'm paying these people, is it going to the bottom line? Yes."
But, Krawcheck continued, that shouldn't deter companies from seeking to eliminate the pay gap.
"In the short term, if you view it as an expense. If you view it as an investment that will compensate these individuals fairly, what may happen, what will happen is that you're going to have fewer of them leave. When they make those financial decisions about maybe taking another job, or maybe coming in every day when the boss is sort of not a great boss, and you have another opportunity," she said. "It's not overly complicated. You don't have to have a diversity task force, and get all the women together once a month to have someone like me come in and talk to them. That's delightful, but just friggin' do it."
Watch Krawcheck's full interview here.
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