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11 March 2016

Finance sector still one of the worst for equal pay

In an interesting and wide ranging report The Level Playing Field recruitment firm Randstad finds that the finance sector is still one of the worst sectors for promoting equal pay. 

The report looks at the experiences of 2000 men and women working in the technology, financial and professional, construction, property and engineering, sales, marketing and PR, education and social care and nursing sectors, and demonstrates widely varying perceptions of the pay gap in these different industries. For example, in the finance and professional sector, 72 per cent of men believe they are paid more than women, with 18 per cent of workers believing equal pay will never be achieved. The sector's pay gap of 35 per cent lends support to these views. By contrast, in property, construction and engineering, 79 per cent of men were confident they were paid the same as women for the same role.

Randstad's survey finds that overall fewer women than men have asked for a pay rise over the past three years, and yet pay clearly matters to women as much as it does to men. The report doesn't say so, but the differences may be as much about the type of industry in which women are employed. Women's concentration in the public sector - where pay is still largely determined through centrally negotiated agreements mean that there is less need and less opportunity to ask for a pay rise. 

Ronstad's CEO, Mark Bull, says:

" Employers are working hard to promote equal pay and encourage women across all industries, but there is still work to be done.

It makes sound business sense for companies to address the issues still facing women in the workplace, including closing the gender pay gap."

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