Women working in the finance sector receive around 80 per cent less in performance-related pay, according to new research.
Women working in the finance sector receive around 80 per cent less in performance-related pay compared with male colleagues, according to research by the Equality and Human Rights Commission.
The findings are based on a questionnaire sent to 50 companies, which employ 22.6 per cent of workers in the sector.
In addition to the difference in performance-related pay, 86 per cent of respondents reported that women had lower starting salaries on average than men.
The survey suggests that the sector’s age profile, which has an unusually high proportion in the 25 to 39 range, may be affecting pay disparity, as this is the age at which women are more likely to have childcare responsibilities.
Although a number of organisations have taken measures to lessen the gap, the research found that only 23 per cent of those questioned had undertaken an equal pay audit.
Trevor Philips, chair of the Equality and Human Rights Commission, said: ‘I’m encouraged by the firms which are developing transparent pay policies and flexible approaches to work. But there aren’t enough of them.
‘The financial sector has the potential to play a central role in Britain’s [economic] recovery. But it has to address this shocking disparity of rewards. For business to thrive in the new economy it simply can’t afford to recruit and reward in the way it has done in the past.’