Women failing to aim for top City firms
New data on City bonuses from salary benchmarking site, Emoulment.com, shows that women are not aiming for employment at top firms at the outset of their careers.
Fresh out of university, the data shows a 20% salary gap between men and women and attributes the gap to the fact that a higher proportion of men tend to work for top tier institutions such as Bain and McKinsey, thereby earning more from the start of their career.
Thomas Drewry, ceo at Emolument.com said: "It is significant that from the outset of their career, women do not aim for the top firms, unlike their male counterparts. If they did so more consistently, it would be very interesting to see just how much more they can earn when they reach Senior Manager levels."
Another new report out today from Vlerick Business School’s Executive Remuneration Research Centre shows that top German companies have caught up with top companies in the UK when it comes to executive pay levels.
The report found that, for companies with assets over €5bn, the best paid ceos are found in Germany with a median total compensation of €3.438.000, just eclipsing the UK at €3.401.000.
However, the best paid ceos across the two categories covering businesses with assets under €5bn are still found in the UK.
The study looked at 512 listed companies in the UK, Germany, France, Belgium and The Netherlands - with specific attention paid to pay developments over the last three years particularly with regard to retirement benefits and variable remuneration.
Across the five countries studied, approximately half (49%) did not grant a ceo pay rise, or even reduced total remuneration, in the last three years. Chief execs in the UK were treated most severely, 61% of them did not receive a raise. Germany, on the other hand, was the most flexible; seven out of ten ceos there were given a raise.