- Research reveals ëmissing millionsí in the finance industry
- 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 ñ 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:
ìWhile 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.
ìCompanies 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.î
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 menís and womenís 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:
ìWhilst 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.î
