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Gender pay gap has narrowed, reveals BRUIN Financial

BRUIN Financial has released its Women in Financial Institutions (WiFI) Index Report for August.

For the August 2016 BRUIN Financial Women in Financial Institutions Index (WiFI), data was comprised from more than 2,500 workers in financial services to record a WiFI Index score of +107.

The WiFI Index has increased slightly from last month and follows an upward trend from the start of reporting in March 2014.

The WiFI Index for August has increased three points from July’s results, which represents a positive indicator for women working in financial services over the last 12 months. The findings also show that the representation, engagement and recruitment of women in the sector continues to follow an upward trend overall.

Robert Thesiger, CEO of The FISER Group, parent company of BRUIN Financial, commented, “Almost every indicator for the WiFI has increased over the last 12 months and most significantly, the results show that for the second consecutive month women are now more likely to be offered a job than men in financial services.

“The ratio of women being invited for interview in financial services has remained largely unchanged over the last 2 years at 3:2. However, the proportion of these women now securing a job offer over the same period has risen steadily. Financial services has clearly made significant strides both in their candidate attraction strategies and their hiring process over the last 12 months.”

The latest findings also reveal that the gender pay gap has narrowed slightly, but on average women still receive 9.6% less than men in financial services. The average base salary achieved by men is almost £63,000 per annum, whilst the average salary for women is nearly £57,0000 with very little increase by comparison YoY. Historically, the WiFI Index has shown that women have benefitted from greater salary increases than men when moving jobs, but the August WiFI shows that on average men are now achieving an increase of 18% by comparison to the 16% achieved by women when moving jobs.

The implementation date for mandatory gender pay gap reporting legislation is fast approaching, which will affect over 1/3 of UK companies. the August WiFI shows that Financial Services organisations are well placed by comparison to the national average, but still clearly with work to do. The BRUIN Gender Pay Gap Calculator available on the BRUIN website explores this in more detail, revealing the pay gap for each industry specialism by level.

Thesiger added, “The latest WiFI Index findings reflect a genuine commitment to gender parity that has been widely publicised within the sector. It is crucial that this remains a priority and financial institutions don’t take their eye off the ball - the upcoming legislation will leave large organisations very little room to hide.”

Picture courtesy of Pixabay

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