Finance professionals confident gender pay reporting will work, but only third see the gap close
The majority of the finance sector is positive that gender pay reporting is the best way to bring equality despite only 30 per cent saying equality has improved since reporting was brought in a year ago, a survey of senior finance professionals has revealed.
The research of almost 600 senior finance professionals by Reed Finance, found that 58 per cent of those asked, believe gender pay reporting is the best way to bring about better equality in the workplace, and more than half (51 per cent) are confident that Generation Z (those born between mid 1990s to mid 2000s) will close the gender pay gap.
John Forword, Reed Finance expert, said: “This latest research shows that there is optimism within the sector and that the whole industry is pushing towards equality.
“Those we spoke to were well aware of what the gender equality situation at their firm is, and are keen to help drive best practice for the future. From our conversations with those in finance, we know that there is a widespread belief that the greater attention of the scale of the issue, has been integral to closing the gender pay gap. But it will take time and seeing more women in senior positions will help move us forward.”
More than half of respondents (55 per cent) said there is now a woman on their board demonstrating progress. This is more positive when considering that 10 per cent of those asked did not have a board.
John Forward continues: “With the likelihood of at least one woman being on the board, there is greater chance that the next generation will see that leadership is possible regardless of gender. Those just entering the workplace will be the leaders of tomorrow. We have seen their ambition and their willingness to change with respect to environment, sustainability, good causes and equality, so it seems there is little doubt that the way the sector looks in the future will be very different to what we see today.
“It is a changing world and efforts made by the finance sector, such as a large number of firms in the city issuing ‘etiquette’ guides, are sending out clear messages in support of women. There is certainly progress being made and if Generation Z can continue to make strides towards gender pay equality, as those we asked hope, then we will undoubtedly see a better, brighter future for women in the sector.”