Issue 117 - 29th June - 27th July
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Missing millions: Women in finance lost out on millions of pounds per year05/10/2006 10:05:00- Gender pay differences top £31 million per annum - Pay differences between men and women continues to increase year on year Research released today [4 October 2006] by specialist recruitment consultancy Robert Half Finance and Accounting reveals that women in finance are losing out on millions of pounds per year. The latest figures show that in the last 12 months female finance workers have missed out on over £31 million – almost 20 per cent more than in 2005.  Data from the Spring Salary and Benefits survey shows that in 2005 female financial workers earned, on average, £9,670 less than their male counterparts. In 2006, this figure has jumped to £11,660 and represents an increase of almost £2,000 per person. When measured across the total number of women in finance (2,720),as measured by the 2006 National Statistics Labour Market Survey, the figure comes to a staggering £31,715,200. David Jones, Managing Director of Robert Half Finance and Accounting, said: “While the number of women in management roles is increasing, these figures suggest there remains an inadvertent discrimination in setting male and female salaries. To ensure managers do not alienate female workers it is important to address any inequalities that may exist. “Companies must examine why female workers are not reaching higher pay brackets. In some instances it may be that women are being financially penalised for taking time out of work to care for children or elderly relatives. Managers must recognise diversity and provide flexible working options that accommodate the needs of both men and women.” Interestingly, not only are women in finance earning less than men, but year-on-year increases continue to be higher for men. The survey shows that while both men’s and women’s salaries are increasing; the rate of increase for men is proportionally higher at 5.79 per cent, compared to only 2.08% for women. David Jones added: “Whilst it is important that employers look closely at the packages they are offering their male and female staff, some of the responsibility must lie with the individual themselves when it comes to negotiating salary and benefits packages. We offer all our candidates advice on how to negotiate a salary at interview stage, and this comes into good use again when they need to negotiate pay rises later down the line.” onrec.com news can only be reproduced with the permission of onrec.com or if onrec.com is attributed as the source.
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