Women will earn £0.5 million less over a lifetime than men

Parke says: ?A new report out from the Chartered Management Institute highlights that gender pay inequality is rife in UK businesses. The startling research showed that women will earn half a million less than male colleagues doing the same job. They are less likely to get a bonus and if they do, typically it will be half the amount paid to men. They are more likely to be made redundant, less likely to be promoted and their careers never fully recover from taking career breaks to have children.

“This report makes for depressing reading. Pay inequality clearly should not be an issue in a 21st century business ? but it is alive and well in many companies and needs to be stamped out. Companies must examine their pay structures, look for any disparities and address them. The report also highlights that women are not as confident asking for promotions and negotiating pay rises as men so they are losing out. Again, companies need to examine their employment data and check women that aren?t missing out on pay rises simply because they aren?t as demanding as men when it comes to pay.

“What is also needed is the tackling of some of the deeper issues at stake, such as the lack of confidence among women that is prevalent in the research ? one solution could be to introduce interventions such as coaching in subjects including networking, effective communication skills and self-confidence. Another would be to ensure there are successful senior level female role models within the business who can provide inspiration and even support. Companies must also check women aren?t being penalised for taking maternity breaks, and support women post maternity so they not only get their careers back on track, but continue to progress towards the promotions they desire and reach their full career and earning potential.

“We are working with a number of companies including Citi, Deloitte and Ernst & Young, who have implemented specialist coaching programmes for women taking maternity and also for senior women, to ensure they progress through the ranks and reach their full potential. These companies have been rewarded by high retention rates for women and are being recognised as employers of choice as a result. Ultimately, change will only come when gender equality in the workplace is a genuine business goal which is supported throughout the company. We hope that businesses will sit up and take notice of this report and address any imbalances within their organisations.”

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