Many women managers are working for their employers for FREE from November to the beginning of January – are you? This is just one of the amazing findings from CMI’s latest research into the gender pay gap.
Latest CMI Research
Another shocking finding is that currently, female managers will have to work until they are nearly 80 – over 14 years more than their male counterparts - just to earn the same amount.
The analysis of the 2015 National Management Salary Survey of 72,000 UK managers reveals that women earn 22% less than men. This is the equivalent of being unpaid for 1 hour and 40 minutes per day – or to put it another way 57 working days every year.
Mind the Gender Pay Gap
This inequity shows up in many different ways, for example male and female pay differentials. The pay gap between men and women is at its biggest for female managers aged over 45, standing at a massive 34 - 35 per cent difference. There is some good news for women as the gender pay gap is much narrower for the younger generations standing at just 6% and 8% for women aged 20 – 25 and 26 - 35 respectively.
But hold on that is not the whole story as the difference is not just regarding salaries - the differential extends to pay increases and bonuses as well.
And there is more Inequity
Representation of women in top management positions is still a cause for concern. Women still become increasingly rare in senior management roles. The graphic below shows that despite representing over two thirds of management entrants, women represent less than one third of directors and just 43% of senior management.
There are, however, new regulations set to come into force in 2016 requiring large organisations to report how they pay men and women. Will this close the gender pay gap for good or is this a pattern we are likely to see for a long time?