There is no shortage of reports that continue to highlight the continuing gender pay gap. According to the Fawcett Society, women’s pay lags 14% behind men’s in full-time employment. Or to put it another way, women effectively work for free between 9 November and the end of the year. Why is this the case 46 years after the UK’s Equal Pay Act? Part of the answer is legal loopholes but the issues are too complicated to be solved by legislation to enforce “equal pay for equal work” alone, and the answers are not simple.
Women are underrepresented at management level in most organisations. Their career progression is slower than men’s. As the March 2016 Government report led by Jayne-Anne Gadhia, CEO of Virgin Money stated, “The reasons why there are so few women at the top of the Financial Services industry are varied and ultimately we did not find a magic bullet.” But did Gadhia’s report take us forward in resolving the underlying root causes of inequality? And if we have not yet fully identified all of the root causes of the problem, could it be that we are using the wrong tools in our attempts to resolve it?
Perhaps, 46 years on from the Equal Pay Act, we need a fresh start.
A panel of speakers passionate about diversity issues came together in London on June 2016 at the event ‘Bonus for Balance: Can Incentives Achieve Gender Equality?’ to discuss what might be the best place to start closing the gender gap.
Alice Leguay | COO and Co-Founder, Emolument.com
Ella Rabener | CMO and Co-Founder, Scalable Capital
Paul Stanworth | CEO, L&G Capital