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Women will have to wait 57 years for equal pay
A new report reveals that gender equality is 57 years away if female salaries continue to rise at their current rate.
A new report reveals that gender equality is 57 years away if female salaries continue to rise at their current rate.
The research published by the Chartered Management Institute (CMI) and XpertHR suggest that it will be almost six decades before men and women are paid equally in top management roles.
The organisations’ 2010 National Management Salary Survey shows that female salaries climbed by 28% during the last 12 months – compared to just 23% for men. However, despite the news, the average salary for a male manager is currently £10,071 more than for a woman in a similar role – a gap that would take 57 years to close at current rates.
Even at junior level the gap still persists with male junior executives receiving £1,065 more than female executives, say the report authors. Across the regions, women in the Midlands fare the worst, taking home £10,434 less while those in the North East fare the best, where the gap is smallest at £8,955.
By sector, women in IT and the pharmaceutical industry face the biggest pay gaps at, £17,736 and £14,018 respectively.
The research also shows that despite the 1970 Equal Pay Act, female pay at senior levels is lower than male pay at as many as 24% of businesses.
As well as stark differences in pay, the research also reveals a contrast between male and female labour turnover rates, particularly with regard to redundancy. Over the last 12 months, 4.5% of the female workforce experienced redundancy, compared to just 3% of men. Resignations for women at director level were the highest, at 7.7%, up from 5.3% the previous year, compared to just 3.6% of men.
Sandra Pollock, the CMI’s chair of the Women in Management network, said: "Four decades have passed since the Equal Pay Act became law, when the pay gap stood at 34 per cent across the board. In many ways things have progressed, but the fact that such a significant gap still exists means the UK still has some way to go."
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