According to a survey carried out by CMI (Chartered Management Institute) female executives still earn less than the male ones. The gap defined by the survey is £10,060, which in long-term means that women working on executive positions will earn earn £423,390 less than a male on a similar position. What is more, according t the survey, the bonuses awarded to men are much higher than those awarded to their female colleagues. However, the good news is that the gap has shrunk, compared to 2011, when the estimated amount was £10,564. On the other hand the Fawcett Society, a campaign group for pay equality, warned that the there is a possibility the expected cuts in the public sector might have a negative effect and make the gap wider.
Ceri Goddard, Chief Executive said their warning is based on the fact that when leaving the public sector, women will be forced to seek employment in the private sector, which has historically suffered a much larger pay gap – 20.4 per cent to the public sector’s 13.2 per cent.”
Ann Francke, chief executive for CMI, said “A lot of businesses have been focused on getting more women on boards but we’ve still got a lot to do on equal pay and equal representation in top executive roles.
“Women make up almost three out of four at the bottom of the ladder but only one out of four at the top. This lack of a strong talent pipeline has to change, and fast. Allowing these types of gender inequalities to continue is precisely the kind of bad management that we need to stamp out.”
She also called upon the government to take action by saying: “We need an immediate and collaborative approach to setting things straight. The Government should demand more transparency from companies on pay, naming and shaming organisations that are perpetuating inequality and celebrating those that achieve gender equality in the executive suite and the executive pay packet.”
At The Legal Stop, we know that no matter if male or female, every executive needs one and the same legal and busienss documents!