Despite efforts to break down barriers, gender inequality remains prevalent in the finance sector. Despite efforts to close the gender pay gap, progress has been uneven, and disparities persist across many sectors. 

One contributing factor is the increase in female hires at junior levels. While it’s encouraging that more women are entering the finance industry, progression into senior leadership roles often takes years. Until these women move up the ranks, the gender pay gap is likely to persist. 

However, this is unlikely to be the only reason. Other contributing factors include limited access to leadership pathways, unconscious bias, and barriers to flexible working. These systemic challenges continue to impact women’s progression and pay equality. 

The Reality Behind the Numbers 

The gender pay gap in the finance sector paints a stark picture: 

• Despite a 121% increase in women entering finance roles, leadership positions remain male-dominated. For every 10 men in senior roles, there’s still only 1 woman.
• The average gender pay gap in finance is 23%, meaning women continue to be paid significantly less than men for the same roles.

But what does this gap mean in real terms? 

• Based on the current pay gap, women in finance are effectively working over an hour each day without pay compared to their male counterparts.
• Over a year, that equates to 57 days of unpaid work.
• In senior roles, such as CFOs, women could be earning significantly less—potentially up to £23,000 annually—than their male counterparts.

This disparity doesn’t just affect day-to-day earnings. It has long-term impacts on women’s financial security, career progression, and retirement savings. 

Why Closing the Gender Pay Gap Matters for Business 

Addressing gender inequality is more than just a moral obligation, it’s a business imperative. Companies that actively invest in diversity and inclusion see measurable benefits, including: 

• 57% better team collaboration
• 19% higher staff retention, potentially saving businesses around £11,000 per year
• Greater innovation, problem-solving, and stronger decision-making due to diverse perspectives

In today’s competitive job market, retaining skilled talent is more important than ever. Promoting diversity and inclusion isn’t just the right thing to do, it makes good business sense. 

How Can Businesses Accelerate Action? 

No matter the size of your organisation, addressing the gender pay gap is essential. Here are some practical steps businesses can take: 

1. Understand the Data
Start by collecting and analysing data on pay, progression, and hiring. Even if your organisation employs fewer than 250 people and isn’t legally required to report gender pay gaps, understanding the figures is key to making informed decisions.

2. Conduct Internal Reviews
Regular audits of company policies, pay structures, and progression opportunities can help identify disparities and areas for improvement. These reviews can be crucial for developing actionable solutions and maintaining fairness across the business.

3. Promote Transparency
Be open about pay structures and progression pathways. If disparities exist, communicate the steps being taken to address them. Transparency builds trust and demonstrates a genuine commitment to change.

4. Support Career Development
Ensure women have equal access to leadership programmes, mentorship opportunities, and career progression pathways. Address any barriers that may prevent women from advancing.

5. Address Unconscious Bias
Provide bias training for hiring managers and leadership teams to ensure decision-making processes are fair and objective.

6. Champion Flexible Working
Flexible working is a key factor in attracting and retaining diverse talent. Promoting flexible and inclusive working practices can help support women, particularly those with caregiving responsibilities.

How Cherry Professional Can Help 

At Cherry Professional, we’re committed to supporting businesses in building diverse, inclusive teams where every individual can thrive. We work closely with employers to design recruitment strategies that promote equality and attract a wider range of talent. 

We also support candidates in finding roles that offer real progression, fair pay, and long-term career opportunities. By offering expert advice and market insights, we empower professionals to achieve their career goals. 

Whether you’re looking to improve diversity within your hiring processes or advance your own career, we are here to help. Our relationship-led approach ensures that every placement is a perfect fit for both the candidate and the business. 

Ready to take action? Connect with us today to explore how we can help you attract top talent, build stronger teams, and promote equality within your business.