Yesterday’s news on the shocking discrepancies in pay and bonuses for men and women performing the same jobs within some of the leading finance firms was sobering to say the least.
Trevor Phillips, chairman of the Equalities and Human Rights Commission, noted in his BBC Radio 4 interview (http://news.bbc.co.uk/today/hi/today/newsid_8241000/8241520.stm) that he was very disturbed that the pay gap seems to begin in starting salaries and then continues throughout employees’ careers. Women on average start at £24,000 per year while men start at £37,000. Women who take time out to have families are disadvantaged when they return to work. The greatest discrepancies are in bonuses which reflect managers’ choices within organisations which, at worst, are penalising women.
Phillips noted that while the survey revealed good practice in many organisations, it uncovered the fundamental cultural and systemic issues that underlie pay and bonus gaps.
We have seen firsthand that while most people see the inherent value in flexible working and job sharing, actually creating new working models is a bridge too far because it demands a mindset shift within organisations with entrenched cultures. The new findings shine a bright light on this area and are a call to action for employers.
Phillips outlined a three-step plan for banks to address pay and bonus inequality:
1. Put someone with real clout in charge at Board level to lead change initiatives
2. Monitor progress
3. Get outside help if necessary
Women need viable working options and equal pay and bonuses that enable them to progress their careers within the banking sector.
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