Men are likely to earn £300,000 more than women over a lifetime of work, according to a study by recruitment firm Robert Half.
The analysis also revealed that gross annual earnings for women grew by just 1.4% between 2014 and 2015 compared to 1.6% for men. Robert Half says this highlights the fact that the gender gap is getting larger rather than closing and adds that, given men have on average higher salaries to begin with, the absolute difference is magnified still further.
The median gross pay for full-time male employees in 2015 was £29,934, but for women employees it was £24,202. Average annual UK earnings were £27,645. Robert Half says this represents a gender pay gap of £5,732, meaning that men earn, on average, 24% more than women every year.
When taken over a working career of 52 years, this translates into lifetime earnings of £1,556,568 for men and £1,258,504 for women, creating a £298,064 shortfall in earnings for female employees, it states.
Katy Tanner, Director, Robert Half UK said: “Creating a diverse talent pool is becoming more of a priority as the skills shortage heats up and business leaders focus on attracting and retaining talent. As in-demand candidates continue to be in the driver’s seat, employers are needing to offer competitive remuneration and benefits packages above industry averages.
“International Women’s Day [8th March] provides a platform to highlight the importance for rewarding all employees fairly on the basis of their contribution to the organisation, than their gender or indeed any other point of difference.”