Daily Insurance Industry News
 
 
Daily Insurance Industry News
Tuesday 22nd of May 2018
August 31, 2011

Women executives a century away from equal pay

by Gill Montia

Story link: Women executives a century away from equal pay

The gender pay gap is in the news again with junior female executives having overtaken their male counterparts by a small margin (£21,969 verses £21,367) in 2011.

However, average figures across the 34,158 UK executives surveyed on behalf of the Chartered Management Institute (CMI) suggest that pay levels are £10,546 adrift, with men continuing to be paid more, on average, than women doing the same jobs (£42,441 compared to £31,895).

According to the CMI’s 2011 management salary survey, it will take 98 years for the average female executive salary to catch up, if male and female salaries continue to increase at current rates.

In fact, the overall pay gap has widened slightly since 2010, despite the difference between female and male pay rises having narrowed slightly in the past year.

Women executive could therefore face a century of lower pay than their male peers and the CMI’s director of policy and research, Petra Wilton, has accused some businesses of alienating top female employees by paying them less.

She concludes: “This kind of bad management is damaging UK businesses and must be addressed.”

However, Ms Wilton is not in favour of imposing mandatory quotas and forcing organisations to reveal salaries, preferring instead more transparency from companies on pay bandings, and the public exposure of organisations found guilty of a bias against women executives.

The research also reveals that redundancy hit men and women equally hard between February 2010 and February 2011, with 2.2% of male executives and the same percentage of female executives losing their jobs.

 

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