BRUIN Financial WiFI Index shows pay gap has narrowed to 2%
The Index, which measures the engagement and representation of women’s recruitment in the financial services sector, is derived from exhaustive data across four key metrics for gender equality of opportunity in the workplace: salary gap for those in work pay increases for those moving jobs getting an interview securing a new job.
These key metrics each have a weighting split: 30% for both the pay gap for those in work and for those moving, 15% for those having a job interview and 25% for those securing a new job.
The WiFI Index measures on a rolling monthly basis changes to the Index, rebased to 100 starting in March 2014. Should the WiFI Index score over 100 for any set period since March 2014, this at indicates a narrowing of any gap in gender equality of opportunity, meaning women are moving towards overall parity with their male counterparts. If the WiFI Index falls below 100 then the gap has widened in favour of men.
The April WiFI Index has risen to 117, which continues the upward trend from the March WiFI Index (116), showing the improving engagement of women changing jobs in financial institutions.
• The average salary increase achieved has improved for both men and women to 19%
• Women enjoyed an average improvement of 21% whilst men achieved an average increase 16%
• Pay gap has narrowed by 2%
• % of women getting a job at its lowest since March 2014 (41%)
• Salary increases for both men and women are indicative of improving opportunities for many working in financial services and that employers are finding that they need to pay more than a year ago to secure the best talent
• This trend is particularly marked in the lower salary brackets (sub £40k), where the average pay rise for women was 29% and for men was 24%.
• There is increasing evidence to suggest that the gender pay gap is narrowing in the mid salary brackets (£40k to £80k) which has historically been the area in the market with the greatest disparity