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Luuk Jacobs

Gender Pay Gap reporting

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Andy Milner

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

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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.

 

 

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Andy Milner

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

 

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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%

 

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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:

 

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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.

 

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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.

 

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Luuk Jacobs

Andy,

Thanks for getting the direct link to the video

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Andy Milner

 

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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

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