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Companies need to stamp out gender pay gaps

Companies need to stamp out gender pay gaps

Chris Parke, CEO, Talking Talent

The report today from executive pay experts, Mercer, highlighting that senior female executives in the UK are paid nearly 10 per cent less than a man for doing exactly the same job makes for disappointing reading. 

In the UK, a female executive receives a pay package of &pound93,434 – but the man sitting next to her doing the same job gets &pound103,230. However, the situation is worse in Europe. Across the EU women are paid 16.4% less than men and in countries like Germany -  a shocking 22 per cent less.

Whilst the report says the gap is largely down to simple & lsquo;discrimination’ – this is over simplification. Women tend to lose career momentum and pay in the years when they take maternity leave – during this period, they may work part time and can lose out on promotional and pay opportunities.  And, they are not as good at discussing and negotiating pay rises as men.

This report confirms what we already know – that gender pay inequality is rife in modern business still and it is unacceptable. Companies need to stamp out pay inequality – scrutinise where the gaps are and readdress pay where needed. They also need to ensure women are not losing out at crux points in their career, such as when they take maternity, and introduce interventions like maternity coaching to give women the tools and the confidence to pick up their careers where they left off, stay on track and fulfil their career and earning potential.

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