UK Gender Pay Gap Is At A Record Low

The gender pay gap in the United Kingdom has dropped to a record low since records began two decades ago. However, the country still has a long way to go before equal pay for both men and women is achieved. The pay differences between both genders has attracted significant public attention in the UK and businesses are now required to publish figures on them.
Despite falling the gender pay gap falling considerably in 2017, the average woman is still earning 9.4% less than the average man. This is according to provisional results released by the Office for National Statistics. The gender pay gap decreased to 9.1% in 2017 from 9.4% in 2016. At this rate, it may take the country decades to achieve equal gender pay.
When it comes to part time employees, women are actually paid more than their male counterparts per hour. This gender pay gap is closer to zero. In April 2016, the pay gap among part time employees was negative 6.1%. The figure increased to negative 5.1% in the last year.
There are huge disparities across the United Kingdom when it comes to the gender pay gap in different parts of the country. For instance, women in Clackmannanshire are the furthest in wage gap behind male workers. The average woman in this part of the country earns an hourly wage of 9.37 pounds while the average man earns 14.96 pounds. This is a 37% wage gap.
At the other end of the scale, women earned more than men in almost 30 of UK’s local authority areas according to ONS figures. Women working full time in Rossendale earned 12.26 pounds, which equates to 27% more than the men. Uttlesford and Allerdale had the next biggest wage gaps.
Low income earners enjoyed the largest boost in pay during the past year and those in the bottom 20th percentile saw their wages increase by 6.2%. This was attributed to introduction of the National Living Wage in 2016. The Gender Gap reporting regulations, which came into effect in April 2017, also played a major role. Any company in Britain with more than 250 employees is now required to publish their results to a government website by 4th April 2018.
Most companies have already published their gender gap reports. For instance, men who work for JPMorgan are paid 26% higher than their female colleagues and their bonuses are 41% higher. In some of the financial institutions, men are paid almost 60% higher than women. Old Mutual reported a gender pay gap of 29%, Jupiter Asset Management 38%, Barclays 48% and HSBC 59%.
The figures may not look encouraging but when you compare them to data from 20 years ago, it is apparent that there has been steady improvement over the years. The country has a long way to go and companies are also making significant efforts to reduce the gender pay gap. They are making efforts to recruit the best candidates from all backgrounds. Training, development and progression are also proving instrumental when it comes to progressing the careers of employees and helping them achieve full potential. Striving to create an inclusive culture that encourages valuing different perspectives and fostering collaboration will go a long way towards closing the gender gap.

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