The Treasury Select Committee published its Women in the City report on 3 April 2010, drawing on evidence submitted by CMI.
CMI's submission draws on its National Management Salary Survey to highlight the extent of the gender pay gap. It argues:
- There is an untenable gender pay gap in the financial sector. At all levels of management, women are paid less than men. The gender pay gap is particularly marked in the financial sector compared to other sectors.
- Income differentials are the result not only of different basic salaries but of larger bonus payments for men.
- Employers need to recognise that action must be taken to tackle the issue of pay parity between women and men. The focus for employers is still on year-on-year pay increases, instead of addressing the need to establish equal pay scales between male and female staff.
- Employers risk losing talented female staff by not closing the pay gap. It should be addressed as a matter of urgency. In addition, flexible working is particularly valued by women and can help employers retain and motivate talented employees.
- There is a need for greater transparency with regard to pay. There is a case for requiring employers in the sector to undertake pay audits on a similar basis to public sector bodies and such measures should be considered by the Financial Services Authority.
You can download CMI's submission to the Select Committee by clicking here.
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