Equal Pay Day is nothing to celebrate without forward action

Calling for progress

According to the American Association of University Women, women are losing $500 billion each year because of the gender pay gap. Pexels

National Equal Pay Day, which symbolizes how far into the year women must work to earn what men earned in the previous year, falls on April 2 this year and marks a 56-year effort across the nation to have employers address the gender pay gap and provide equal pay for equal work.

That effort is now, closer than ever, to reality as the U.S. House of Representatives, in a heartening move this week, passed the bipartisan Paycheck Fairness Act, authored by Congresswoman Rosa DeLauro and co-sponsored by newly elected Texas Congressman Colin Allred.

The act, among other things, would require employers to prove that pay disparities exist for legitimate job-related reasons, prohibit employers from relying on salary history in determining future pay, provide assistance to all businesses to help them with their equal pay practices and recognize excellence in pay practices by businesses. It would also get rid of rules imposed by employers that prohibit workers from talking about their salary, so women are permitted to ask how much their coworkers are making and find out if they are underpaid.

This legislation is a leap forward in closing the persistent and woeful gender pay.

Statistics show that although more women, nationally, are receiving undergraduate and graduate degrees compared to men, and are equally qualified for the work as their male counterparts, they continue to receive about 82 cents for every dollar earned by men, and women of color earn even less (e.g. Black women earn 63 cents for every dollar and Hispanic women earn just 54 cents for every dollar). At this rate, without any affirmative or proactive changes, it will take another 51 years for women to catch up to men's wages.

In Texas, the outlook around women's pay and the gender gap is grim.

According to the Texas Women's Foundation, in Dallas County, women made almost 93 percent of what men earned, compared to just about 70 percent in Collin County and a little more than 76 percent in Denton County.

According to the American Association of University Women, women are losing $500 billion each year because of the gender pay gap. U.S. corporations suffering those kind of financial losses would send shockwaves through our economic system.

If women made the same pay as men, they would not only be able to better care for their families, but put aside more money in their retirement or pension funds, pay off college loans and mortgages, and enjoy better healthcare and a healthier lifestyle. Research by the Texas Women's Foundation has shown that if working women in Texas were paid the same wages comparable to men, the poverty rate would be reduced by 51 percent.

Companies should not just support the Paycheck Fairness Act, but also become assertive about equal pay and gender diversity, and treat them as an integral part of their business strategy. In order for businesses to truly benefit from the myriad of backgrounds and experiences in our global economy, we must ensure a level-playing field for women and other underrepresented employees. Then and only then will our nation's workplaces and businesses truly thrive. Mr. President and senators — let us pass the Paycheck Fairness Act now.

------

Mandy Price is the CEO and co-founder of Dallas-based Kanarys Inc., a web platform that incorporates data and AI to foster diversity, equity, and inclusion in the workplace.

Just making sure your workplace is diverse isn't enough to solve the problem. Inclusion should be just as important of a goal, says this expert. Getty Images

Data-driven inclusion platform founder says ensuring your workplace is diverse just isn't enough

Guest column

Business leaders have long recognized that a diverse and inclusive workforce results in greater employee engagement, innovation, financial returns and market share. Although the "business case" for diversity has long been proven over the years, and "diversity" has become a buzzword adopted by corporate America, few companies — big or small, new or old — have been able to cultivate real inclusion, acceptance and collaboration in the workplace.

According to a 2018 Atlassian study, State of Diversity and Inclusion in U.S. Tech, less than 30 percent of underrepresented employees feel a sense of belonging in their workplace. By and large, most diversity and inclusion initiatives focus primarily on recruitment and increasing the representation of various demographics in the workforce, with little attention given to inclusion — although research has shown that increases to diversity alone do not improve inclusion.

One reason companies have focused on diversity, as opposed to inclusion, is because it is easy to measure diversity — it is simply a matter of headcount. Traditionally, trying to quantify feelings of inclusion was difficult for organizations to measure. However, it is important to incorporate quantifiable and data-driven strategies to measure inclusion, in order to drive the necessary cultural and structural changes needed in the workplace.

What many companies struggle with, it turns out, is not solving problems, but figuring out what the problems actually are—especially when it comes to creating inclusive workplaces. At Kanarys, we have constructed a unique and robust framework for measuring inclusion, to help companies promote a sense of belonging among their employees in the workplace. Our data-driven approach and methodology relies on artificial intelligence and responsive, anonymous, quantitative surveys, to provide actionable insights in order to promote an environment where all employees feel included and empowered.

Understanding employees' daily lived experiences in the workplace is key and fundamental to understanding an organization's' inclusiveness. However, fear of retaliation and retribution prevents most employees from holding back true and authentic feedback. Benchmarking key aspects of an organization's culture—and understanding the employee experience—is important to understand in order to promote lasting inclusion.

Diversity without inclusion inevitably results in missed opportunities with diverse talent because they no longer feel empowered to contribute and lead. However, if you have both diversity and inclusion, retention and engagement for all employees increases–resulting in a potent mix of innovation, collaboration and success.

Instead of asking "how can we acquire more diverse employees?" we should be asking, "what is it about our systems and culture that prevents us from retaining diverse talent?" Employers must therefore recognize that hiring a few "diverse" employees alone is not enough, and that inclusive cultures don't just happen. They are intentional.

I invite businesses to re-focus their efforts on true diversity, equity, and inclusion and help create workplaces where their employees have a true sense of belonging.

------

Mandy Price is the CEO and co-founder of Dallas-based Kanarys Inc., a web platform that incorporates data and AI to foster diversity, equity, and inclusion in the workplace.

Ad Placement 300x100
Ad Placement 300x600

CultureMap Emails are Awesome

Property Showcase

SpaceX IPO set to be biggest ever and could make Elon Musk a trillionaire

IPO News

SpaceX says it plans to raise up to $75 billion when it goes public this month, setting the stage for the largest-ever stock market debut and putting Elon Musk on course to becoming the world's first trillionaire.

The company, formally known as Space Exploration Technologies Corp., said Wednesday it will sell 555.6 million shares at $135 a piece in an initial public offering. The estimated proceeds would easily top the $26 billion raised by oil giant Saudi Aramco in 2019. The offering would also give SpaceX a market value of $1.77 trillion. Only six companies in the S&P 500 are currently worth more, with Nvidia tops at $5.2 trillion.

Besides the size of the offering and the expected proceeds, SpaceX's amended prospectus updates details about how much control of the company Musk will have. As SpaceX's CEO, chief technical officer and chairman, Musk's voting power will come primarily through his ownership of 5.22 billion Class B shares, which give the holder 10 votes for every share held. According to the filing, Musk would have 82.4% of the voting power in the company.

Forbes currently values Musk's net worth at $826 billion and his stake in SpaceX at $542 billion. The estimated value of his SpaceX holdings was based on an overall value for the company of $1.25 trillion. Based on those numbers, a $1.77 trillion valuation for SpaceX would boost Musk's net worth by $223 billion, making him a trillionaire. However, much of Musk's worth is in stock that he has yet to cash in.

Even as it makes a bid for a blockbuster market debut, SpaceX is currently losing billions of dollars a year. The filing shows that the company lost $2.6 billion from operations last year on $18.7 billion in revenue, and the losses kept piling up at the start of this year, too.

Fantastical plans

Time will tell how SpaceX fares on the market. Musk's plans for the company are as fantastical as the money he hopes raise in the sale.

Colorful, even frightening in parts, the IPO document strikes a contrast with the typically dry, technical prose in IPO documents, detailing plans to use proceeds from the sale to help put men on the moon again and perhaps even Mars. In one section, it talks of a need to build "a permanent human colony" on the red planet with "at least one million inhabitants" as existential threats loom that could consign man to "the same fate as the dinosaurs."

Musk has almost equally ambitious plans for his other publicly traded company, Tesla. His goal is to transform the maker of electric vehicles into a producer of robotaxis and humanoid robots. Dan Ives of Wedbush Securities wrote in a research note that he expects Tesla and SpaceX to merge next year.

AI plays a key role

Key to the success of both companies — and any merged entity — is artificial intelligence. In its IPO filing, SpaceX says it sees potential revenue from AI of up to $26.5 trillion. But that depends on another lofty Musk ambition — putting data centers in space, which is not technologically possible at the moment.

Transforming his space company into a primarily AI-focused company will be a challenge for Musk, who started xAI in 2023 with 11 other co-founders who have all since left. Some were recruited away by rivals.

Its main AI product, the chatbot Grok, is "less impressive than anything that we see from any other major player in the space, whether that's OpenAI, or Anthropic, or (Google's) Gemini," said IDC analyst Arnal Dayaratna.

Dayaratna said that doesn't mean SpaceX doesn't have potential as a major AI player, thanks in part to its computing partnership with Anthropic and Musk's recent deal that gave SpaceX the rights to buy AI coding tool Cursor for $60 billion later this year. Folding in Cursor's capabilities would give SpaceX access to the coveted business customers now using Anthropic's Claude or OpenAI's ChatGPT.

SpaceX plans to use the net proceeds from the IPO to fund the expansion of infrastructure for its AI and rocket businesses, and to beef up the constellation of satellites that power Starlink Mobile, among other investments.

The company plans to list on the Nasdaq under the symbol "SPCX" and could begin trading as soon as the end of next week.

And SpaceX isn't the only colossal market debut investors are now bracing for. Earlier this week, Anthropic submitted a confidential filing with the U.S. Securities and Exchange Commission to officially start its own IPO clock.

OpenAI has not yet reported filing the initial SEC paperwork, but an IPO from the ChatGPT maker is widely expected.

"This listing represents the first major test for public markets after years of muted IPO activity with SpaceX paving the way for AI giants Anthropic and OpenAI to follow soon after," Ives wrote.

___

Associated Press Technology Writer Matt O'Brien contributed.

New UH survey reveals concerns over AI data center growth in Houston

data findings

A new report out of the University of Houston shows that area residents remain wary of the long-term effects of operating data centers.

The recent survey from the University of Houston’s latest SPACE City Panel, conducted by the Center for Public Policy at the Hobby School of Public Affairs, shows that while 85 percent of Houston-area residents use AI, nearly 63 percent oppose the construction of AI data centers within 1 mile of their homes.

Respondents’ concerns centered around data centers’ high energy demand and the area’s power grid reliability. According to the survey, 32 percent of residents who oppose local data center projects would be more likely to support the centers if they relied on renewable energy over fossil fuels.

“Respondents understand that AI can bring economic and educational benefits, but they are also concerned about the physical infrastructure needed to fuel AI, especially data centers,” Soran Mohtadi, post-doctoral fellow at the Hobby School and a researcher on the report, said in a news release. “This physical infrastructure demands more electricity and water, leading to environmental impacts.”

Experts estimate that 6.5 gigawatts of data center capacity will be added to the Texas grid by 2030. And Houston’s data center capacity is predicted to more than double by 2028.

The Electric Reliability Council of Texas also projects electricity demand could reach 218 gigawatts by 2031, which would be more than double the record peak set in August 2023. Data centers are expected to account for 86 gigawatts of that new demand.

Survey respondents also said they are concerned about the state's future water supply, given the large amounts of water that data centers need to stay cool.

In terms of who’s responsible for that issue, 57.6 percent of respondents said they put the onus on Texas lawmakers, while 31.5 percent say tech companies should be responsible.

Additionally, more than 75 percent of respondents believed that data center developers and technology companies—not residents—should bear the cost of infrastructure upgrades to support data centers.

“Every decision legislators make has implications on residents’ everyday lives and local infrastructure now and in the future,” Maria P. Perez Arguelles, lead researcher on the report and research assistant professor at the Hobby School, added in the news release. “This issue is going to become more important in years to come, so this is just the beginning.”

Read the full report here.

Houston-born Cemvita makes breakthrough in sustainable fuel production

clean fuels

Houston-based biotech company Cemvita announced that it recently reached a critical milestone in the development of its FermOil product, which can be used to create Sustainable Aviation Fuel (SAF) and other renewable fuels at industrial scale.

The company shared in a news release that it completed a 75,000-liter industrial fermentation run at Belgium's Bio Base Europe Pilot Plant.

The campaign achieved target technical metrics for the production of FermOil, Cemvita’s renewable natural oil (RNO). FermOil is produced from industrial crude glycerin, an industrial byproduct, as opposed to traditional sugar-based feedstocks used in many bio-oil fermentation processes. It's designed to be a drop-in feedstock for creating SAFs.

Cemvita had previously advanced its FermOil production process through multiple scale-up stages before successfully reaching the 75,000-liter demonstration campaign, according to the company.

“This is not just a fermentation milestone,” Moji Karimi, CEO at Cemvita, said in the release. “It is a blueprint for how existing industrial infrastructure can evolve into circular bioeconomy infrastructure. Every biodiesel plant generating crude glycerin is a potential platform for renewable natural oil production.”

The milestone also supports the deployment of Cemvita’s industrial biomanufacturing platform, FermWorks, which integrates with existing energy and industrial infrastructure to turn waste carbon streams into SAFs and other materials. According to the release, Cemvita plans to move forward with commercial deployment discussions with partners in Brazil, Europe and in the UK. Cemvita already has a partnership with the Brazilian sustainable research institution REMA.

“We are proud to support innovative companies like Cemvita in scaling breakthrough industrial biotechnology solutions,” Hendrik Waegeman, head of business operations at Bio Base Europe Pilot Plant, added in the release. “Successfully operating at the 75,000-liter scale using a feedstock such as crude glycerin highlights both the maturity of the technology and the quality of the scale-up execution achieved by the Cemvita team.”

---

This article originally appeared on our sister site, EnergyCapitalHTX.com.

View All Listings