International Women’s Day on 8 March is an opportunity to celebrate women’s achievements. With this years theme being #choosetochallenge.
Over the last several decades women have worked tirelessly to break stereotypes, glass ceilings and constraints, yet gender inequality is still prevalent. When this year’s gender pay gap report was published, it found that hundreds of ‘big firms’ saw an increase in their gender pay gaps, that’s around 2 in 5 companies. I was surprised at this, especially considering there has been numerous campaigns and social events to minimize it.
But, why has there been an increase? Dharshini David, BBC’s economics correspondent suggests that as a result of an influx of female hires in junior positions the gap has widened and progressing them through the ranks could take years. I understand that this could be a contributing factor, but I am skeptical to it being the sole cause, aren’t you?
Yes, there has been a 121% increase in women within accounting and finance roles which is fantastic, but for every 10 men in senior roles there is only 1 woman!! Even more significant there is an average 21.5% gender pay gap. So, what the 121% increase really means is that MORE women are getting paid less than their male counter-part to do the same job.
Along with construction, finance as a sector has the largest gender pay gap. Does it come as much of a shock? No? We didn’t think so either. It’s no secret that finance has long been an industry monopolized by men, nonetheless it does not justify the vastness of the gap.
So, what does the 21.5% gender pay difference mean? In theory women work for FREE 1hour and 40 minuets each day. That totals to 57 days a year. Shocked? Even more jaw dropping a senior CFO role where the average salary in the UK is £106,980, a woman could be getting paid a staggering £23,000.70 less than her male counter-part. Think of what you could do with that amount of money.
If you don’t know the gender pay gap in your business be keen to find out. Although you’re not legal obliged to report if your company has 250 employees or less, it is something you should know and be aware of. Research supports the that diversity is not only economically beneficial but essential for the wellbeing of your staff.
Companies who invest in diversity and inclusion have a 57% better team collaboration and increases staff retention by 19%, saving you around £11,000 a year. In this current skill short market finding new talent to replace staff is becoming increasingly difficult, so any ways to retain staff need to be acted on!
But where do you start? Internal audits are designed to provide insight into an organisation’s culture, policies, procedures, and aids board and management oversight by verifying internal controls such as operating effectiveness, risk mitigation controls, and compliance with any relevant laws or regulations.
By regularly performing an internal audit, you can ensure compliance with any and all relevant laws and regulations. It can also help provide you with peace of mind that you are prepared for you next external audit. Gaining client trust and avoiding costly fines associated with non-compliance makes internal auditing an important and worthwhile activity for your organization.
There’s a lot involved in making sure you comply with every changing laws and regulations – but help is at hand.
We’re already helping hundreds of firms by connecting all audit work in one modern and efficient system. Compliance best practices become instilled in everything that you do, letting you focus on aligning Internal Audit with your business’ core objectives.
Pentana Audit helps to simplify the complexities of your role by centralising all your information and streamlining the internal audit process. Go paperless with a single system of record that connects your team to the rest of the organisation with ease.
How can Ideagen and Pentana Audit support you?
When you partner with Ideagen, you don’t just receive a world-class software application, you also gain access to a wealth of auditing experience and expertise that will help guide your organisation’s journey to audit maturity. Pentana Audit is built with the end-user in mind and is designed to:
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Software services and support form a fundamental component of your Pentana Audit implementation. Ideagen offers a complete range of professional services to ensure that your Pentana Audit implementation goes as smoothly as possible, with minimum impact to your valuable resource and maximum return from your software investment. Professional Services from Ideagen include:
- Software installation and deployment
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- “Champion” training for the key implementation team
To find out more about all the features and benefits of Pentana Audit, request a demo click here