Enough talk. We’ve heard it all before. Let’s just do it!
These words, a tweet from @LaraOyedele popped into my timeline in response to an article in Diversity Woman Magazine which revealed that, according to research by Bank of America Merill Lynch, “Gender equality can lead companies to make more money.”
This revelation is by no means ground-breaking. Our Knowledge Bank is full of research documents saying the same thing. Yet
Gender pay gap set to last for 36 years
Recent research by Easymoney suggests that the pay gap between top earners is unlikely to close until 2055. The research found that 79% of the 860,000 people earning over £100k pa are men. This has fallen only marginally since 2011, when 83% of the top earners were men.
Academics Geraldine Healy, Queen Mary University of London and Mostak Ahamed, University of Sussex have taken an in-depth look at the Financial Services Sector and identified that women, on average, earn 27.2% less than men an hour, whilst the bonus gap is nearly 50% (and 79% at Barclays).
Moreover, the lack of progress of women in Financial Services is a global phenomenon. IMF chief, Christine Lagarde said at Davos: “The numbers are just appalling … you have 20% of board members and 2% of CEOs who are women.”
2019 Pay Gap reporting reveals poor progress
This year’s Pay Gap figures indicate that far from the pay gap narrowing in the past year, it’s widened with four in ten private companies reporting wider gaps than last year. Surely it’s time for companies to publish Action Plans alongside data and narrative.
The pace of change is slow – let’s change that!
At a recent Lunch, I sat with 3 other women. By pure coincidence we were aged 75, 65, 55 and 45. Our conversation turned to the progress of women in the workplace. We concluded that (1) regrettably there has been much less progress than any of us anticipated and (2) none of us thought at the age of 25 that we’d be saying this 20, 30, 40, 50 years later.