UK businesses are still 57 years away from providing equal pay for men and women, according to a new report.
A survey of more than 43,000 individuals found that male pay exceeds female pay by as much as 24% at senior level, sparking concerns about inequalities in the work place.
The research, conducted by the Chartered Management Institute (CMI), also revealed differences between male and female labour turnover rates. Over the last year, 4.5% of women employees have been made redundant, compared to just 3% of men, while 4% more female directors voluntarily left their jobs.
CMI’s head of policy, Petra Wilton, said: “The prospect of continued decades of pay inequality cannot be allowed to become reality. We want to see the government take greater steps to enforce pay equality by monitoring organisations more closely and naming and shaming those who fail to pay male and female staff fairly.”
The report listed the Midlands as the worst region for equal pay, where women take home on average £10,434 less than male workers. Furthermore, the IT and pharmaceutical industries were labelled as the sectors with the highest pay gaps between the sexes.
Wilton added: “It’s not just government that needs to act. Competitive businesses need to attract diverse workforces and appeal to the most talented employees. To do this managers and employers need to recruit from a wide talent pool but they cannot expect to attract the UK’s best female talent if they continue to devalue it.”
Read for further information at British Chambers of Commerce on 19 August 2010