The Equality and Human Rights Commission (ECHR) has published its findings on sex discrimination and the gender pay gap within the financial services sector. The investigations of the ECHR have revealed that women working full-time in the finance sector earn 55 per cent less per year than men working full-time. This gap is significantly greater than the 28 per cent that exists in the economy as a whole. The report explains some of the reasons for the wide pay gap, which include; the lack of knowledge and transparency of how much individuals are being paid; how stereotyping distorts the recruitment process; the sector's unusually young age profile which makes balancing work and family an acute issue; and the fact that senior leaders are unwilling to acknowledge that there is a problem. The ECHR in the coming months will discuss their findings and recommendations with those in the financial sector and will explore how their recommendations will be put into practice.
The full report can be found by clicking here
See our April edition of Bite Size for details of the initial inquiry by clicking here