Gender Pay Gap – The Results Are In and Compliance Breaks Through
Added: (Tue May 08 2018)
Pressbox (Press Release) -
Last week saw the deadline for the first Gender Pay Gap (GPG) reporting and the financial services have been shown to have the second highest pay gap with a median company pay gap of 22%.
Lots of companies are citing having a higher number of males in senior roles skewing their average figures as a reason for their imbalance but this in itself highlights a key issue. It shows that there are more women in lower paid roles while males dominate the boardroom.
This got us thinking and we decided to do some research of our own. At the end of last year we reported that women were ‘leading the way in Compliance’ and despite the financial services’ shortcomings in these results, over 60 percent of our Compliance placements from AVP to Global MD continue to go to women.
Our Partner and Head of Compliance Denis Spearman says, ‘Our position also gives us insight into salaries across the market and we pleased to report that there is very little disparity in pay between the sexes in Compliance, far from the 22% of the rest of the industry’.
With inspirational women at the helm of major institutions such as Credit Suisse, Goldman Sachs, HSBC, BlackRock and Barclays in Chief Compliance Officer roles, we are sure Compliance will continue to be a stronghold for equality.
A company’s GPG has to be published on their own website as well as gov.co.uk. This widespread availability has led to difficult questions from employees, poses potential issues for future hiring and crucially can influence customer choice so it has been a real motivating force to see a greater change.
We’ve seen companies set targets, run programmes to attract female talent and take steps to ensure there is no bias in the recruitment process but Denis says, ‘the real challenge is ensuring women can remain in successful and balanced careers. We are supporting our clients who are having open discussions about the barriers to this and paths to creating an inclusive culture for everyone’.
We’re seeing moves within banks towards more flexible working, job-shares and working from home already and we know the world is watching.
Smart companies realise that equality in the workplace isn’t just about being fair. There are a huge number of talented women in the marketplace and studies have proven that diverse working groups are more successful to which there is a real commercial benefit. We have a very clear view of the success that comes from matching the person to the right role and this is based on talent and experience alone.
About Danos Associates
Danos Associates is a global leader in the compliance recruitment space. Their unparalleled network of professionals makes them the first choice for the world’s major financial services firms. Recruiting into the Compliance, Risk and Legal sectors across financial services firms worldwide since 2004, their specialist knowledge and reach within this talent pool is outstanding.
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