Today marks Black Women’s Equal Pay Day, representing the additional number of days Black women would need to work this year to earn what their white male counterparts made the prior year. Currently, Black women in full-time jobs make 67 cents to a white man’s dollar.

In an event hosted Wednesday by the Equal Pay Today campaign, workplace leaders shared their thoughts on the state of equal pay in the U.S. Emily Martin, vice president for education and workplace justice at the National Women’s Law Center, said that Black women working full-time, year-round jobs typically lose over $22,000 to the wage gap every year. When researchers include part-time or part-year workers, that number becomes even larger. 

“The loss of 33 cents on the dollar adds up over a month, a year, and a lifetime,” she said. “The money that Black women lose to the wage gap each year could pay for nine months of a family’s groceries, eight months of childcare, and six months of rent.” 

Education does little to help rectify the issue. Though the percentage of Black women achieving bachelor’s degrees has steadily increased over the past decade, increasing earnings for some, Martin notes that the gains do not lead to equal pay. Such data simply highlights the work employers must do to close the pay gap for underrepresented employees. 

Research also reveals a significant pay equity perception gap between employees and employers. 

Employers often have an inflated sense of progress regarding closing the pay gap. In a 2022 HBR survey, 74% of executives said they consider pay equity a priority, while only 41% of employees said they believe their employers have successfully achieved pay equity.

To make real headway, leaders must look at where underrepresented employees sit within their organizations and the potential for upward mobility. According to data released last week from the National Women’s Law Center, Black, Latina, and Native women are overrepresented in the 40 lowest-paying jobs in the U.S., making it clear that to solve equity of pay, employers must also address equity of opportunity.

Amber Burton
amber.burton@fortune.com
@amberbburton

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