Posted on May 31, 2012 by allmumkind
A City survey identified that women in Financial Services were being paid 21% less than their male colleagues performing a similar role. This percentage converts to around £30,000 less in complete pay which includes bonuses.
With large City firms focussing on their diversity policies, the research shows that women are still behind when it comes their financial reward.
Not only does the gap need to be drastically narrowed for equality reasons but more importantly, to attract top talent regardless of gender. Retention of talent here is significant also when the economy is in such a downturn.
The Home Secretary and Equalities Minister, Theresa May enforced "gagging" clauses in contracts back in 2010 to discontinue City workers discussing their pay. Since the enforcement of this clause, there appears to be little effect.
Nearly 2000 City professionals took part in a survey which showed that overall, employees were less satisfied with their base salary. The results also showed that the pay rises were less common in comparison to 2010.