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Women need to be more pay savvy

Women need to be more pay savvy

Commenting on today's research from the Chartered Management Institute, Kay Senior, Operations Director, Banking & Financial Services at leading recruitment consultants, Badenoch & Clark said

"The idea that women could have to wait as long as 100 years to reach equal pay in executive positions is thoroughly disappointing and where the gender pay gap is a reality, it must be addressed. While the CMI data shows t here is a glimmer of hope at the junior end of the scale, more clearly needs to be done for women who have already moved further up the career ladder.

"That said, our research shows that there is a gap between perception and reality when it comes to pay. Women could help themselves by being more savvy about pay, where men tend to be proactive. There are still clear differences between men and women when it comes to their understanding of mark et rates for their role and confidence in conducting conversations about t heir pay with their employers. Our research from mysalarychecker.com earlier in the year showed that while eight out of ten (80.2%) women in the UK  felt that they were being underpaid, an overwhelming number (74.9%) admitted to being unaware of the industry standard for their role. Significantly, more men however knew their market value, with over a third (34.5%) stating that they knew what they should be earning and were prepared to ensure their employer knew too.

"While the gender pay gap is clearly something that organisations need to address, equally we would actively encourage both male and female workers to understand what the market rate is for their role, taking a realistic view of their skills and experience and speaking with their employer about their remuneration on a regular basis."

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