Have we completely failed to address the gender pay gap?
Today, you might think that we have finally managed to move past unfair gender biases and solved the pay gap as well as pension problems once and for all.
However, according to recent studies, the UK has a long way to go with regards to tackling the gender pay gap (as do many other parts of the world).
The reality of the situation paints a worrying picture of substantial failure in adopting better employee management traits.
An initiative was created which stated that all organisations with more than 250 employees would have to publish their gender pay gap details. Deadlines included 31st March for the public sector and 4th April for charities and companies.
By the end of it, 9,961 companies had filed their reports, which revealed that 7,755 paid male employees more than female staff based on median hourly pay. Almost eight in 10 companies are still paying their male employees more.
The data also shows many of the country's big banks displaying pay gaps that exceed 30 per cent, based on their mean hourly pay rate. Many other organisations had not filed their reports and met the deadline. They could face legal action.
These figures have stirred quite a commotion, with various industry leaders and political figures condemning the persistence of unfair gender pay gaps. According to some, regulations aren't tough enough and stronger action plans have to be put in place. Others claim to be disappointed by the news, yet find it not surprising.
Of course, the heat on employers has once again been turned up and the pressure is coming from different sides.
Organisations are being told to set out long-term strategies with regards to how they will manage and eventually close their gender pay gaps, monitoring progress and keeping track of results. Ever since the active reporting of pay differences between male and female staff, British companies are being rushed to dramatically ramp up efforts to solve this recurring problem.
Research by HR services company ADP has also revealed that more than two-thirds of UK workers will consider searching for another job if they find their organisation guilty of unfair gender pay gaps. In many sectors, employees who fall victim to the lack of financial inequality are seeing difficulties in garnering wealth for their pension funds (which leads to problematic retirement processes).
Women workers likely yearn to see the gender pay gap close in their lifetime. Organisations often claim that the process to change an age-old wage habit is a long and arduous one that isn't easy to curb. Other companies state that their gender pay gap figures are misunderstood since many high-level employees happen to be men.
Do these notions justify the stubborn gender pay gap? Get in touch with me for a chat if you feel you’d like to know more about how pay gaps may affect your ability to retire comfortably.