Senior men get paid 23% more than women at director level, according to the 2021 Work and Pay Report by Movemeon.com, the leading channel for hiring strategic and commercial professionals, and its sister company Payspective.com which provides data-driven insight to employers and job seekers.
The gender pay gap is particularly substantial in senior positions and can be as high as 23% for directors, while the associate level stands at 9%.
Movemeon and Payspective’s exclusive findings reveal that half of this gap comes from bonuses, which are significantly lower for women than men.
According to the report, men at associate level (typically 2-5 years’ experience) receive 50% higher bonuses than women, on average (£14k vs. £9k).
This is despite numerous studies proving that having women in senior positions directly contributes to stronger balance sheets in companies.
Commenting on the gender pay gap, Nick Patterson, co-founder Movemeon.com, said, “Employers must keep gathering and publishing their data around diversity and pay, or risk damaging their reputations. In 2021 women earning 23% less than their male counterparts is simply staggering. With more transparency around pay, these hugely unfair inconsistencies can begin to be ironed out.
“With diversity, organisations benefit from a wealth of different perspectives, different points of view, richer ideas based on wide-ranging experience. Now, as we recover from the pandemic, employers must continue to offer flexible working hours and locations, providing an opportunity to get women back. Gender equality must remain high on the agenda.”
The study, compiled from 35,000 data points, also showed that the gender pay gap in 2020 was 22% compared to 19% in 2019 and 25% in 2018, indicating that the gender pay gap still presides and hasn’t changed much over the years.