Financial firms making progress on gender pay gap
Financial and insurance services is “making strong progress” in reducing its pay gap, with the gap falling to 29.5%.
According to the latest figures from the Workplace Gender Equality Agency (WGEA) scorecard, the gender pay gap was highest in the construction sector at 30.6% while financial and insurance services was second at 29.5%.
However, the report noted financial services had made strong progress since 2013, reducing its gap by more than one percentage point each year. This was the second-largest reduction out of the 19 industries surveyed.
Some 76% of companies in the industry said they had investigated their gender pay gap and 66% had taken action since then, the highest of all industries.
The most-common actions taken after an audit were identifying causes of the gaps, correcting instances of unequal pay and reporting pay equity metrics to the board.
Overall, women made up 50% of the workforce but less than 20% of chief executive roles and the average gender gap was 22.8%.
Men were twice as likely to be earning more than $120,000 while women were 50% more likely than men to be in the bottom quartile, those earning $60,000 or less.
AUTHOR
Laura Dew
Recommended for you
Clime Investment Management has faced shareholder backlash around “unsatisfactory” financial results and is enacting cost reductions to return the business to profitability by Q1 2025.
Amid a growing appetite for alternatives, investment executives have shared questions advisers should consider when selecting a private markets product compared to their listed counterparts.
Chief executive Maria Lykouras is set to exit JBWere as the bank confirms it is “evolving” its operations for high-net-worth clients.
Bennelong Funds Management chief executive John Burke has told Money Management that the firm is seeking to invest in boutiques in two specific asset classes as it identifies gaps in its product range.
