There have been some pretty disappointing statistics in the press over the past week when it comes to equality and the gender pay gap – especially in the finance sector. A report by the Equality and Human Rights Commission found that women with full time roles in the City earn 55% less than their male counterparts – that’s almost double the 28% gender pay gap for the UK in general. Not only that, when it came to bonuses, the report found that men within finance received five times the performance related pay of women, taking home over £14,000 compared to under £3000 for females.
It is obviously unacceptable to have such discrepancies based on gender. But should we be surprised? It’s general knowledge that there is a gender pay gap, especially in the competitive arena that is the City. The important issue is how we deal with it. A piece in the Telegraph by Tracy Corrigan suggests that women should “give the City a miss”. She says “the disparity of earnings and the working conditions that make it so hard to combine motherhood and career advancement will continue to persuade many to take their skills elsewhere…Rather than trying to fix the City, or struggling to meet its harrowing demands, perhaps it is better to pursue other options.”
She has some valid points – a high flying career in the City is not easy, especially with family responsibilities. But is giving up really the best option? Yes it’s a difficult career, but surely women should have the option of pursuing it without facing huge levels of discrimination, if they want to? And if we tell women to give up, isn’t that effectively showing the City that the current situation is acceptable? This situation isn’t easy to change but if we keep persevering we will hopefully be able to make a difference, slowly but surely.