Women losing out in gender bonus battle
New salary figures show the existing gender pay gap in the UK is being aggravated by a 50 per cent bonus pay gap.
The data, published annually by CMI (Chartered Management Institute) and salary specialists XpertHR, reveals male managers earned average bonuses twice as big as those of their female counterparts over the last 12 months – £6,442 compared to £3,029 – on top of average basic salaries almost 25 per cent bigger (£38,169 compared to £29,667).
Analysis of the National Management Salary Survey, which includes data from more than 43,000 UK workers, shows men stand to earn over £141,500 more in bonuses than women doing the same role over the course of a working lifetime.
Both the gender bonus and gender pay gaps are more pronounced at senior levels. At £36,270, female directors’ bonuses are dwarfed by the average amount taken home by male directors in the last year – £63,700. Even without taking bonuses into account, the data shows that the gender pay gap increases with each rung of the management ladder. At entry level women are faring better, earning £989 more than men on average, but by middle-management they receive £1,760 less than men and at director level the gap widens to £15,561 (an average basic salary of £140,586 for men and £125,025 for women).
Ann Francke, CMI Chief Executive commented: “Despite genuine efforts to get more women onto boards, it’s disappointing to find that not only has progress stalled, but women are also losing ground at senior levels. Women are the majority of the workforce at entry level but still lose out on top positions and top pay. The time has come to tackle this situation more systemically.”
Read the full story in the September issue of Ethical Performance.