Gender pay gap is ‘still a growing concern’

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Women in the finance sector earn about 18 per cent less than men, with the gender pay gap rising to 23 per cent at senior levels.

New research also shows men are more likely to receive a pay rise than women.

In a survey of 2,000 finance workers by AAT, the Association of Accounting Technicians, 47 per cent of men had received a pay rise in the last year, compared to 40 per cent of women.

The professional body’s Finance Gender Pay Gap campaign revealed that on average, men felt they should receive £12, 000-a-year more. In contrast, the average women felt they should be earning an extra £6, 854.

Sir Cary Cooper CBE, professor of organisational psychology and health at Manchester Business School, said: “Businesses and employees need to take greater responsibility to narrow this unconscious gender bias and barriers to opportunity that may be preventing some women in finance from realising their true value. Women should be encouraged to give thought to whether they are being paid fairly for their contribution at work.”

Olivia Hill, chief HR officer at AAT, said: “These latest figures suggest that men working in finance are far more positive about their worth and value in the workplace, and subsequently are more confident of asking for a pay rise, which many are receiving. There is also a suggestion that women may have less awareness, or desire, to reach the more senior levels of their company and reap the associated financial benefits. Women need to feel more empowered to redress the balance.”