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The latest data from the National Management Salary Survey analysed almost 6,000 executive manufacturing roles across the whole of the UK, revealing that the average basic salary for males stood at £45,888, compared to £34,883 for a female in a similar position.
In summary, the 2012 report found that:
- Pay Gap – Average gender pay gap in manufacturing is £11,005, higher than the national average of £10,060 per annum
- Top Jobs– Women now represent 57 percent of the executive workforce, yet far fewer numbers have made it to senior positions, just 40 percent of department heads are female and just one in four chief executives
- Bonuses – Women receive less than half what men are awarded in bonuses, the average bonus for a male executive is £7,496, compared to £3,726 for a female
- Redundancies – Over 4 percent of female executives were made redundant, one percent higher than male counterparts; the number of women losing their jobs has almost doubled since last year’s survey took place
CMI Chief Executive, Ann Francke stated:
“A lot of businesses have been focused on getting more women on boards, but we’ve still got a lot to do on equal pay and equal representation in top executive roles. Women make up almost three out of four at the bottom of the ladder, but only one of our four at the top.
“This lack of a strong talent pipeline has to change and fast. Allowing these types of gender inequalities to continue is precisely the kind of bad management that we need to stamp out. Companies are missing out on the full range of management potential at a time when we need to be doing everything we can to boost economic growth.”
“We need an immediate and collaborative approach to setting things straight. The government should demand more transparency from companies on pay, naming and shaming organisations that are perpetuating inequality and celebrating those that achieve gender equality in the executive suite and the executive pay packet.
“The new plans to require companies to report on the number of women in senior positions are also welcome. Government should move ahead with plans to reform parental leave, will remove one of the barriers that makes it impractical for women to play a greater part in the workforce.
The CMI has worked with a variety of top female business leaders, combined with its own experts, to create a variety of free online resources for women and companies.
Visitors can read useful, practical tips from successful women on how to tackle gender inequality in the workplace and effectively marketing yourself, coupled with guidance for employers on topics such as coaching, mentoring and flexible working.
“The issue isn’t going to be resolved by legislation alone. Employers need to take action to change corporate cultures. Development opportunities such as mentoring and qualifications have been proven to be highly successful in helping women build the confidence and skills needed to realise their potential.
Employers failing to recognise this are missing a trick – create an environment where your staff can thrive, are diverse and are paid fairly; and your business will thrive too.”