20 August 2010 #Employment
The 2010 National Management Salary Survey conducted by CELRE has revealed that female salaries have increased by 2.8% over the last year, compared with 2.3% for men. However, despite this year marking the 40th anniversary of the Equal Pay Act 1970, the average salary for male managers in the UK is still £10,071 higher than the average salary for female managers, and male pay outstrips female pay by as much as 24% at senior level. At the current rate of increase, women will still have to wait 57 years before they take home the same amount as their male counterparts.
Inequality varies across the regions, with women in the Midlands faring the worst and those in the North East the best. Women in the IT and Pharmaceutical industries suffer the highest pay inequality, taking home on average £17,736 and £14,018 less than their male equivalents respectively.
The Survey also reveals that women have fared worst than men in rounds of redundancy, with 4.5% being made redundant over the last twelve months, compared with only 3% of men. Female resignations at director level are also up from last year, with 7.7% of female directors voluntarily leaving their posts in the last year, compared with just 3.6% of men.
What the Salary Survey reveals is that UK employers cannot expect to attract and retain the best female talent, if they continue to undervalue it.