Gender Pay Gap
Gender Pay Gap has been a huge topic of debate and discussion in recent headlines and there’s a reason why, reports are showing just how shocking the difference in pay for male and female employees really is. Through the media attention this subject has received, many issues have been highlighted and organisations are starting to put changes in place to actively decrease significant pay gaps.
The Prime Minister, Theresa May has firmly committed herself to tackling the gender pay gap issues in this country - ‘A hundred years ago, some women first won the right to vote…But for all the welcome progress in the decades since, major injustices still hold too many women back…When I became Prime Minister, I committed myself to tackling the burning injustices which mar our society. One such is gender pay gap.’
As of 4th April 2018 all organisations with 250 or more employees had a legal obligation to publish a report on their gender pay gap. Disappointingly around 1,500 companies failed to meet this deadline and have/are currently being chased to fulfil this obligation, surprisingly Unite Trade Union are one of the organisations late to publish their report.
‘One organisation that missed the deadline was the Unite union, which belatedly published its figures on Thursday. The union, which describes itself as being "at the forefront of the trade union campaign to achieve equal pay", revealed that its female employees' median hourly pay was 29.6% lower than what male workers are paid.’ – BBC News
Following the published reports, figures have indicated that a massive 78% of organisations pay men more than women, 14% pay women more than men and only 8% are paying both men and women equally.
Many new sources broke the gender pay gap down by sector reporting the Finance industry have one of the largest pay gaps, being beaten only by the Construction industry. Reporting on both salary and bonuses paid, men have trumped women on both fronts in the financial sector.
‘Men are also paid higher bonuses than women … The Finance Sector has the biggest bonus gap, with women paid 35% less than men on average. In other words, sector-wide, for every £1 of bonus money paid to men working in finance, their female colleagues will take home just 65p.’ – BBC News
The recent reports have also highlighted an education company, Yellow Dot that are currently paying female workers 81% on average more than their male colleagues. They have stated they are aware of the pay gap issues in their business and are highly committed to fairness.
By ordering large businesses to publish their gender pay gaps it has left no hiding place for these findings and as a consequence we are now seeing organisations with particularly big gaps publicly committing themselves to change with big players like RBS (Royal Bank of Scotland) hoping to achieve full gender pay balance by 2030.
In her efforts to tackle gender pay gap, Theresa May is asking Dads to take on extra parental responsibility allowing Mums to be more available for career opportunities, ‘We must encourage fathers to share caring roles more fairly, through initiatives such as shared parental leave, and promote schemes for mothers returning to work.’ This spurred on the question of…If men are currently earning more than women, can families afford Dad’s to take a step back on their career ladder to allow a potential increase in earnings for Mums? Is the real answer to improving the pay gap for employers to be more flexible?
Offering flexible working conditions for more senior and management roles can open opportunities out to working mum’s and encourages employers to adopt a more relaxed view on progressing or taking on female employers that may require flexibly in the future. Making it easier for women to climb the career ladder by taking small steps like this can result in significant progression towards gender pay balance.
Take a look at the BBC News report that highlights the findings of the recent gender pay gap figures and find out how big the pay gap is at your organisation - http://www.bbc.co.uk/news/business-43668187