Women earn two-thirds less tham men in top finance roles, according to new research.
The research, conducted by Fox & Partners, found that the pay gap between male and female directors at FTSE 350 financial services firms currently stands at 66 per cent. The report found that the average pay for female FTSE-350 financial services directors is just £247,100, while the average pay for their male counterparts is £722,300.
The findings suggest slow progress is being made in promoting women to senior, higher-paid executive roles. While there is a broad consensus about the importance of increasing gender diversity in the financial services industry, this is yet to be reflected at the most senior level.
The research shows 86 per cent of these female directors are in non-executive roles which tend to be lower paid compared to executive roles, and have less day-to-day responsibility. Only 15 per cent of female directors are in executive roles.
Speaking about the findings, Catriona Watt, Partner at Fox & Partners, said, “Despite having greater levels of diversity at more junior levels, financial services firms are still struggling to reflect that shift at the senior executive level.”
“In order to see long term change, firms must be committed to taking steps that will lead to more women progressing through the ranks, getting into senior executive positions and closing the pay gap.”
“Boards need to be open to challenging themselves by asking honest questions about the barriers in their organisation that might prevent women reaching the very top.”
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