The reoccurring issue of the pay gender gap comes into the spotlight again today after a report carried out by Chartered Management Institute (CMI) and salary specialists XpertHR who have offered yet more enlightening details.
The Gender Salary Survey 2013 reveals staggering research to prove that in regards to bonuses alone, male colleagues earn £141,500 more than women doing the same role over the course of a working lifetime.
The survey which involved the study of 43,000 managers provides financial proof that a woman working from the age of 26 to 60 on an executive career path, rising from junior manager to director, will receive bonuses totalling £109,492, alongside a man’s total bonuses adding up to £251,075.
The study also showed that the’ lifetime earnings gap’ which is the difference in salary over their 34-year-long career is around £390,000, according to data from 17,800 managers from the same group.
A spokesperson from CMI said ‘Even without taking bonuses into account, the data shows that the gender pay gap increases with each rung of the management ladder,’
Looking at various age groups ranges so, 26-35, 36-45 and 46-60 all the way through these working years the CMI revealed that a man would earn a far superior salary than his female counterpart.
The biggest gap is marked during the years between the ages of 46-60 with a huge difference given an example of a senior male executive, typically earning £49,429, while a woman receives on average £31,024.
Ann Francke, head of the CMI, said she is saddened and frustrated not only by the gender pay gap but by the lack of women rising to the top.
She said those starting out needed inspiration from role models, especially mothers, who have achieved ‘attainable’ success rather than being overwhelmed by a glittering few.
Labour’s shadow minister for women and equalities, Yvette Cooper, said: “It’s disgraceful that the corporate gender pay gap seems to be getting wider rather than narrowing.
“Women executives already only get three-quarters of the pay of male executives in similar jobs. And now this research shows women managers are only getting half the bonuses too.
“It is in the interests of business and the economy for women’s talents to be valued and promoted. And it’s high time that women were fairly rewarded. Instead, once again, it looks like the clock is being turned back.”
Lord Davies conducted a review in 2011 into gender balance on company boards and set a target of 25% by 2015, with the latest evidence this target looks very unlikely to be hit with the current representation stuck at 17%.
So with this issue constantly raising its ugly head, why isn’t the situation changing at all?
Mark Crail, from XpertHR offered some insight into this saying: “There is no good reason for men to still be earning more in bonuses than women when they are in very similar jobs.
“But it’s often the case that men and women have different career paths, with ‘male’ roles more likely to attract bonuses.
“While women are generally getting lower bonuses than men, especially at senior levels, they may be entering occupations where there is less of a culture of bonus payments. The question for employers is why that’s the case.”