The 2010 National Management Salary Survey conducted by the Chartered Management Institutes (CMI) and XpertHR has found that based on current figures it will take 57 years until the take home pay of women is equal to that of their male counterpart. The data has been collected on 43,312 employees across the UK showing the gap will not close until 2067.
Looking back over the past 12 months, on average women’s salaries have increased by 2.8% compared to 2.3% for men. For the year 2009/2010 a male managers salaries is on average £10,071 more than that of a female manager.
Looking at other demographics within the studies shows women in the Midlands fare the worst, earning £10,434 less while those in the North East have the smallest gender pay gap at £8,955. The largest bias were seen in the IT and Pharmaceutical industries at £17,736 and £14,018 respectively.
Other interesting results came in light of the current economic climate. In the past 12 months the difficult economic circumstances coupled with unsatisfactory pay may well have contributed to the dramatic increase in resignations particularly at the highest level. For the year 7.5% of females at director level voluntarily left their posts compared to 3.6% of male directors.
CMI’s Petra Wilton, said: “Competitive organisations need to attract diverse workforces and appeal to the most talented employees. Organisations and their managers cannot expect to attract the UK’s best female talent if they continue to undervalue it.”