Jump to content

Sign in to follow this  
Luuk Jacobs

Gender Pay Gap reporting

Recommended Posts

Andy Milner

There are a host of relatively minor behaviours/policies like these that need redressing:
 

Quote

The practice in question meant UBS applied a reduction to the annual bonuses of those women who took the seven months of leave offered to new mothers, the people said. However, when the bankers returned their incentive pay was not restored to its former level, but rather re-based at the lowered amount. In many cases, three years or more later it had still not recovered.

 

 

Share this post


Link to post
Andy Milner

Some further depressing news on the pay gap in asset management I'm afraid:

 

Quote

17% of companies in financial services have reported so far this year as of 25 Feb, with a combined median GPG and GBG of 20.6% and 28.3% respectively, compared to 22.2% and 13.4% respectively last year.

 

 

KIRBYMandyCityHive2018-370x229.jpg
WWW.INVESTMENTWEEK.CO.UK

Mean gap in the sector as high as 49%

 

Share this post


Link to post
Andy Milner

@Luuk Jacobs - I wholeheartedly agree with your statement that the cultural change required to close the pay gap needs action from all of us and not just businesses! 👏

 

Although the fact the 2/5 of companies are currently reporting worse pay gaps than 2018 can be nothing but disappointing, the BBC analysis points to a potential silver lining, although it does seem pretty optimistic and we won't know how accurate this is unless companies release additional data:

 

Quote

But this highlights that there's no quick fix. A large gap points to (typically) women being clustered in more junior roles. Progressing them through the ranks could take years. Actually, if a firms' plan includes recruiting more female employees at entry level, that can initially widen a pay gap.

 

Share this post


Link to post
Luuk Jacobs

The first companies (so far 10%) have started to report their GenderPayGap (due April 4) over 2019.  Although the first statistics are that the overall gap has decrease from 9.7% to 8.4%, 4 out of 10 companies show worse results than last year. It is going to be interesting if there is a real difference between those 4 and the other 6 in a sense of the measures that have been taken to start closing the gap.

 

The financial sector is doing particularly poorly (average appr. 22%) and is only beating by the construction industry.

_105715423_sector_bar_chart-feb19-optimised-nc.thumb.png.0721d91d0d88b97811310b753b13e968.png
 

Looking at some of the individual financial services companies, shows that the median in the sector is even worse and immediate action is necessary in these companies. You might even conclude that something structurally is wrong in these companies !!

_105720592_gender.optimised-gpg-nc.thumb.png.7a7f3772e2f093c655277667269fce83.png

 

It would be to easy to just promote women in more senior positions (although when this is overdue it clearly should be done). Instead (structural) measure need to be taken to ensure that the pipeline of women in companies is growing and their career path at a minimum are aligned with those of men ie equal opportunities.

Nevertheless, the individual can contribute as well by becoming a mentor, when recruiting putting aside the biases you might have (or at least be aware of them and challenge them), taking up your equal share of parental leave as a man (or even go beyond), etc.

 

I believe it is not just a companies responsibility and we should all do our bit to get to parity.

 

_105711642_genderpaystock1.jpg
WWW.BBC.CO.UK

The pay gap has widened at one in four firms that have revealed their figures ahead of the deadline.

 

Share this post


Link to post
Luuk Jacobs

Andy,

Thanks for getting the direct link to the video

Share this post


Link to post
Andy Milner

 

Share this post


Link to post
Luuk Jacobs

https://wersm.com/new-campaign-highlights-soaring-gender-inequality-in-london/

 

Worth looking at the video in this article. Yes it shows the facts but equally it only confirms what we already know. It would in my view been equally or more powerful to turn the tables and let the men feel what it means to be held back in the climb up ....... maybe then the change would be quicker

  • Like 1

Share this post


Link to post

Become a member to read more and join the discussion

Members can read and contribute to discussions

Apply

Register now for free access.

Create your account

Sign in

Already a member? Sign in here.

Sign In Now

Sign in to follow this  
  • Related Content

    • Andy Milner
      By Andy Milner
      This year it has been hard to escape Pride season – throughout June and into July there have been events all around the world commemorating the 50th anniversary of the Stonewall riots and the effective start of the fight for equal rights for the LGBT+ community.
       
      The celebration of diversity has gone well and truly mainstream, with companies from PWC and Barclays to Argos and GoPro changing their logos to include a rainbow flag. Marks and Spencers are even pushing a new “LGBT” sandwich, adding guacamole to the classic bacon, lettuce and tomato combo.
       
      Our industry is also in on the action, with the Investment Association and Schroders amongst the organisations that are showing their support via updated logos.
       

       
      Rainbow-washing?
       
      Is this public outpouring of support for the LGBT+ community merely a sign of corporations attempting to “diversity-wash” their images, or reflective of deeper changes in their attitudes and approaches to D&I?
       
      According to Stonewall, 6 in 10 LGBT+ 18-24 year olds are still choosing to hide their sexuality in the workplace, which is perhaps not surprising when 1 in 5 of those who have come out say they have been the target of negative comments or conduct in the workplace.
       
      The Investment Association’s new report Do You Remember the First Time? (the follow up to last year’s Bringing Your Whole Self To Work report) is about coming out and being out in Investment Management and makes for interesting reading.
       
      It highlights practical steps that can be taken to improve the experience of LGBT+ individuals in areas including recruitment, employee on-boarding, workplace policies and people management. It’s also encouraging to read a number of real-world examples of where these are being put into place across the industry.
       
      What definitely feels like a positive change is the growing ground-up movement, supported by a number of Industry initiatives, that has been beginning to push the LGBT+ equality agenda more visibly in the last year or so. In 2019, the City of London has been host to more Pride related events than ever before, from talks and discussion panels, to the raising of the Pride flag over the Guildhall in the run up to London Pride this weekend.
       
      Next week also sees the official launch of InterInvest – an industry wide LGBT+ network with the potential to make a real impact on how LGBT+ professionals surface and tackle the issues they face. This sits alongside LGBT Great, an initiative of the Diversity Project, which has just announced its 50-for-50 list of LGBT+ role models – an important part of the strategy for making LGBT+ professionals feel accepted and comfortable.
       
      All of this suggests cause for optimism. However, we also shouldn’t forget that LGBT+ hate crimes are on the rise in the UK and in other parts of the world as the forces of populism become more prominent.
       
       
      So are these public displays of support just rainbow-washing? The verdict isn’t clear.
       
      Peter Tatchell, a prominent campaigner sees it as a capitalist sell-out of the Pride movement’s principles. However, even if some of the motives are cynical, and it is not a true reflection of real progress, at the very least the increased visibility of the Pride movement helps to further bring the LGBT+ community into the mainstream of public perception.
       
      Here’s to more rainbow logos in 2020.
       
       
      Main photo credit: Matias Altbach 
    • Jonathan Max
      By Jonathan Max
      @Anthony - looked like a fantastic event; well done!
       
      Anthony Guinot posted on LinkedIn
      WWW.LINKEDIN.COM Sign in or join now to see posts like this one and more.
    • Jonathan Max
      By Jonathan Max
      https://www.theia.org/sites/default/files/2019-06/PolicyPaper-June2019.pdf
       
      Really interesting Policy Paper from the IA which certainly highlights the fundamental changes underway across the industry, particularly against a backdrop of increased regulation and technology disruption.
       
      Clearly the 'people' aspect is key, would be great to find out more about the Talent and D&I Strategy @gillian.painter?
       
       
    • Eva Keogan
      By Eva Keogan
      We all want to love our jobs but what if the environment you are working in doesn't love you back? That's something many women are facing daily. Sexism is such an old fashioned concept and it’s really time for it to go, but it still exists.  How can firms stamp it out when it seems to be ubiquitous?
       
      You may have spotted the headlines recently about the Lean In survey which found 60% of male managers are ‘uncomfortable participating in a common work activity with a woman, such as mentoring, working alone, or socialising together’. 
       
      The choice of wording used is a bad start as it immediately puts the man in the role of the victim, with him being the one made to feel ‘uncomfortable’. And the study finds even worse thinking. 
       
      Apparently, senior male professionals are less likely to fraternise with junior females than they are with junior males. This is underpinned by these startling statistics: 
       
      Men are 12x more likely to hesitate to have 1-on-1 meetings with women Men are 9x more likely to hesitate to travel together for work with women Men are 6x more likely to hesitate to have work dinners with women  
      And to top it off, 36% of men say they’ve avoided mentoring or socialising with a woman because they were nervous about how it would look.
       
      If we look at these figures from the other side it becomes even more alarming – women are 12x less likely to get a meeting with a senior manager. Women are 9x less likely to get go on business trips. Women are 6x less like to be invited to work dinners.
       
      Yet this doesn't seem to be a case of fixing one problem and causing another, as 57% of women still report that they’ve experienced some form of sexual harassment in the workplace. 
       
      So what exactly is going on here? It's surely enough to put many women off working in a corporate environment altogether. 

      Data and Facts

      While it’s always difficult to apply generic survey data to a particular industry – especially when it’s a sample size of 2000 and generated in the US – there’s no denying that these issues are global, and that sexism and sexual harassment are still rife in the City of London.
       
      In 2017, the FTfm Women in Asset Management Survey found 70% of women have been the subject of sexism. That’s pretty depressing.
       
      It’s really important for everyone to enjoy work – we work longer hours in the UK than our European counterparts and the City is no exception. But while on the one hand we have diversity drives, returnships and Gender Pay Gap reporting designed to give women and other groups support and reassurance through legislation and behaviour change campaigns, recent stories coming out of the City at large show types of misconduct such as sexism, exploitation and at the very least crass jokes, are by no means going away any time soon. 
       
      The Toxic City?

      News stories around sexism in the City aren't positive at the moment - here are just some which have made the news:
       
      James Conmy and his ‘glazed ring’ comment ended up with him being fired. The Bloomberg exposé The Old Daytime-Drinking, Sexual-Harassing Ways Are Thriving at Lloyd’s  which contributed to the banning of alcohol. Coutts is facing a significant pay out to a female employee of its ‘unspoken culture of sexism’.  In February 2019, the FCA met Nathalie Abildgaard, a former employee of IFM Investors, an Australian investment manager with an office on Gresham Street, to discuss her claim that a senior manager sexually harassed her on a work trip – she has settled out of court this April for a six figure sum.  
      With all of this on the table it’s quite easy to lose faith in change at all but we just can’t give up and go home if we want to see change. 

      Who is responsible?
       
      Organisations themselves are responsible for their own culture but they need more than a gentle nudge. Campaigns such as Women in Finance are pushing for the numbers of women in the industry to increase. 
       
      The Investment Association also has a role to play. It currently campaigns around Diversity & Inclusion as well and while it has written to FTSE 350 companies about diversity it has not been so vocal about sexism in the industry itself – but is this something it should champion or should it tackle broader issues?  The Diversity Project, the campaign set up to promote Diversity & Inclusion in the industry has a broad remit across the diversity spectrum and is a force for good overall but holds no power to enforce rules or regulation.
       
      All the above are working towards change but it is only when there is jeopardy, or high stakes, we will see any kind of radical reform or progress.
       
      Calling out to the FCA
       
      When it comes to any kind of enforcement, the FCA is the only organisation with real teeth and it has stated over the last few months sexual harassment falls within its remit, so perhaps we will start to see some tangible movement on the issue.
       
      Speaking at City and Financial's Women in Finance Summit 2019 this month, Nausicaa Delfas, executive director of international at the FCA, pointed to an increase in non-financial misconduct as a threat to the sector's diversity.
       
      "This type of serious misbehaviour is toxic to a working environment and can lead to bad outcomes for customers, staff, stakeholders and the firm. In our view, tolerance of this sort of misconduct would be a clear example of a driver of unhealthy culture. This area clearly requires management attention and a broader change in the firms’ mindset."
       
      Will this effect change?
       
      First and foremost, we’ve seen little change in the Gender Pay Gap reporting figures so should women expect much else to change? Yes of course women should. 
       
      According to Wealth Manager ‘The FCA has said firms need to demonstrate good practice in purpose, leadership, rewarding and managing people, and governance arrangements.'
       
      With SMCR coming into play in December 2019, company culture is being given increasing importance in the Investment Management sector, and the risk of high profile fines for senior management and directors from the regulator may encourage organisations to stamp out any form of misconduct – sexual or otherwise – more quickly than before.

      Let’s hope 2020 sees a step change in stamping out sexism and misconduct for once and for all and we can all enjoy our jobs, regardless of gender or identity.
    • Luuk Jacobs
      By Luuk Jacobs
      I remember growing up in a small city in the south of the Netherlands. Despite the international reputation of the Netherlands being open, diverse and a melting pot of cultures, my growing up was very much defined by white, Caucasian and countryside culture. Any other cultural aspects of life would come via the TV set with either Dutch programmes or majority soaps from the US or UK. All in all, you can hardly call this cultural diversity.
       
      It started to change when at 18 I went to university, although even that remained very much in the same setting but clearly diversity of thought started to be formed and the background of fellow students was very different from when I grew up. I was in the end the 1st in my family to go to university.
       
      The real significant step towards more cultural diversity came when one day a friend asked me to join for an introduction to AIESEC, a student organisation that was brokering traineeships abroad. By the end of the afternoon I had signed up and a week later filled out all the forms. Suddenly the realisation that I would go for 6 months to live in a country that would be English or German speaking; these were the language I had been exposed to in my study, I would definitely not say that I mastered them. What would this bring me, how would I adjust myself, my life that concentrated around family, sports and study would be turned upside down.
       
      Then the letter came (yes sorry no emails yet in those times) that I was matched to a traineeship in Freiburg in Germany. So, I better upgrade my language skills to survive.
       
      Many years later I know that this change in my life opened a door to me to be exposed to a multi-cultural diversity that I cherish today. I spent the 6 months traineeship in Germany, learned to speak the language fluently (drop me in the sea and I will swim), I got to know many new people that remain friends till today. I however also discovered the love of travelling and meeting new people, speak to them, getting to know new countries and their cultures and most importantly understanding cultural diversity and the beauty of it.
       
      I am very fortunate having built up friendships with literally people from all over the world. We might not see each other every year but luckily social media enables us to stay “in touch” and see what we are all up to. It all culminated in my big wedding day with friends from over 20 countries being present.
       
      Equally important it has given me great skills in my professional environment, listen to others, understanding their cultural diversity, tapping into it and making it an extra value in the solution we create for our client.
       
      Without having stepped out of my comfort zone in my early 20’s and embracing the opportunity to meet people from all walks of life, has, I like to believe, made me the person I am and has enriched my life with the cultural diversity I enjoy every day.
       
      Almost needless to say, the moral of this story is to go out there and discover the beauty of cultural diversity than can be as well just around you (especially in London) or in the many corners of this world.
Debug info for admin:
appforums
moduleforums
controllertopic
topics/forum ID109
page ID
PHP user agentCCBot/2.0 (https://commoncrawl.org/faq/)
×

We use cookies to give you the best possible experience. If you continue, we’ll assume you are happy with this. For further information, see our Privacy Policy.