Gender Pay Gap Update
It has been over a year since gender pay gap reporting became law and it has become one of the biggest business stories of the year. Our banking clients are hitting the headlines as one of the most unbalanced sectors.
The reports have shown that there are less than 10% women in higher paid jobs, women’s bonuses can be one-third lower, and overall men are paid on average 20% more than women.
So, why is this happening? Our research from candidates and clients indicates that:
- Women have chosen different career roles than men
- Women are more likely to work part-time
- Women change jobs much less frequently, and do not actively manage their careers
- Discrimination and stereotyping are still unfortunately playing a role
Our clients are recognising the benefits of closing gender pay gap. It is not just about equality but it also boosts economy as reducing this gap will contribute to growth and productivity.
The pressure is certainly on and the big question is: What are they doing about it?
Here is some of our findings:
- Engage men to take on the role of gender champions, and encourage women to involve them as allies
- Increase awareness by actively supporting international campaign such as HeForShe
- Use innovative technology to improve flexible working conditions
- Build a portfolio of female role models in many types of positions and actively involve them in recruiting, retaining and developing female talents
- Continue to develop Returners’ Programme with guidance and coaching
Watch this space for plans to:
- Pay audits to raise remuneration
- Consider non-disclosure of current salary when recruiting externally
- Continue to reduce unconscious bias with new ideas such as Artificial Intelligence