GREATER TRANSPARENCY AND A CHANGE TO THE LAW NEEDED TO ERADICATE UNEQUAL PAY AT WORK
Thursday 14 November 2019- The CEO Of The Chartered Management Institute calls for “transparency with teeth” and renewed effort to end unequal pay in the workforceOn Equal Pay Day 2019 men are still paid more than women in similar full-time jobs. Three in ten (29%) women who work alongside a man doing the same or very similar work, say that they do not know how much any of their male colleagues were paid. 37% of women who do know what male colleagues earn say their male colleagues are paid more than them.
Ann Francke the CEO of The Chartered Management Institute commenting on the research published by the #MeTooPay and the Fawcett Society on Equal Pay Day said:
“In every country of the world, women earn less than men. There are two dimensions to this; the gender pay gap, which is too few women in leadership positions. The second dimension is equal pay.”
“I agree with #MeTooPay and the Fawcett Society that we need to have greater transparency and this needs to happen in a change in the law. 6 in 10 women still believe they are being paid less than men. We have seen high profile cases in the film industry, banking and the media highlighting this. Typically we see big disparities in pay when it comes to bonuses”.
“Business must fix the "broken windows" of gender bias that impede women’s careers and mar their day-to-day experiences in the workplace. There are huge benefits to ensuring companies promote workplace equality – with McKinsey estimating that ‘diversity dividend’ could add £150bn to the UK economy by 2025.”
“We need transparency with teeth. The publication of pay gap data and action plans is a necessary first step, but organisations need to be held to account for the actions they take to close the gender pay gap. Government sanctions have a role to play, but ultimately those businesses who fail to act will increasingly struggle to attract and retain the best talent.”
CMI identifies this effect as the "glass pyramid" – too many women at the bottom of organisations and too few at the top – “Business must fix the "broken windows" of gender bias that impede women’s careers and mar their day-to-day experiences in the workplace. There are huge benefits to ensuring companies promote workplace equality – with McKinsey estimating that ‘diversity dividend’ could add £150bn to the UK economy by 2025.”
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Chartered Management Institute
- The Chartered Management Institute is the chartered professional body for management and leadership, counting more than 132,000 managers and leaders in its membership community up from 105,000 (a 26% increase).
- There are 6,856 Chartered Managers up 10% from 6,249 (2018)
- Backed by a unique Royal Charter, CMI is the only organisation able to award Chartered Manager status - the ultimate management accolade, which is proven to boost individuals’ career prospects, management capability and impact in the workplace.
- New research is to be published by CMI, Russell Reynolds Associates and 30% Club “Sponsoring women’s success” - executive leaders views on sponsoring and mentoring, to receive advanced copies of the report please contact CMI.