Gail Danvers, Banking & Financial Services Director at PSD,
attended PWC’s “Women in Risk” event to discuss the gender pay gap.
The discussion comes after firms with more than
250 employees were required to report on their gender pay gap by the end of
March 2018. The gender pay gap at UK Financial Services firms is significant
and this has certainly made some headlines and has provided some interesting
reading. Anne Hurst, Senior Diversity & Inclusion Consultant at PWC, spoke
about what we have seen as a result of these reports and what is being
implemented at PWC to address the issue.
The gender pay gap is defined
as the difference in median pay between men and women, but crucially this
measure does not take into account equal pay for equal work. The main cause for
the gap is the presence of more men than women in senior roles. It's here with
the more substantial remuneration packages that we see greatest inequalities.
During the discussion, most were in agreement that overall there is “equal
pay” for “equal roles” or close to it, but most participants acknowledged
there was a very significant gender pay gap within their organisations at the
more senior levels.
“The main cause for the gap
is the presence of more men than women in senior roles which come with
substantial remuneration packages.”
for this issue to be addressed and for change to occur, recruitment
processes will need to become more inclusive. We are increasingly being
asked to provide more diverse candidate shortlists offering a 50/50 ratio of
men and women. The PWC study “Winning
the Fight for Female Talent” in March 2017 shows that 28% of employers are
using software to create language neutral job postings, and 28% are using
platforms that ignore traditional information such as gender and age, in order
to focus on a candidates' competence. Beyond the recruitment process,
mentoring and identifying female talent as well as more practical solutions
around agile working are also identified as the key drivers for change.
“28% of employers are using software to create language
neutral job postings, and 28% are using platforms that ignore traditional
information such as gender and age, in order to focus on a candidates'
It was a lively debate and everyone
was in agreement that more should be done to address this issue in Financial
Services. CEO's are focusing more on talent diversity and inclusion to drive
innovation, and whilst forcing firms to publish “gender pay gap” figures was a
somewhat blunt tool, it has as least led to far more discussion and debate on
Gail Danvers was instrumental in setting up
and shaping PSD's Banking & Financial Services and its Risk &
Compliance teams. Gail specialises in leadership level appointments and hosts
regular Operational Risk Forums.