Why closing the gender pay gap is imperative
The gap between what men and women earn stands at 23%.
This means that female managers effectively work for free for almost two hours each day, according to the Chartered Management Institute’s (CMI) recent gender salary survey.
Petra Wilton, Director of Strategy and External Affairs at CMI discusses strategies employers can take to close the gender gap.
“Despite the apparent gloom, there are a number of things that employers can do to address the issue. Simply put: transparency and targets. New government regulations coming into force in April 2017 will require large employers to publicly report on salaries for each gender. Shining a light on what men are paid versus women at every level, as well as monitoring the percentage of women at every level, is proven to speed up progress. It’s what drove the step-change in boosting women on FTSE boards, the partnership tracking and measurement done by the Davies report, Cranfield, the 30% Club, Government and the media.
“There are some big employers blazing a trail in promoting gender diversity. Sky’s strategy is a good example. Over a third of the company’s top 500 leaders are now women, with it now looking to increase that figure to 50%. Progressive companies like Netflix allow all parents to come and go as they please because they focus on outcomes not face-time. Similarly, Deloitte lets anyone take off up to one month unpaid leave every year. These practices start to tackle the many causes of the ‘unconscious bias’ that hold back women at work.
“Why bother? Championing gender equality makes organisational cultures more inclusive and mainstream. Plus, you’ll boost the transparency and quality of your management and leadership in your organisation just by improving gender equality. According to CMI’s research and the OECD latest findings, improving management and leadership is the single biggest thing we can do in the UK to drive-up productivity.”