Men working in finance feel they are ‘worth’ and extra £12,000 on top of their current salaries for the work they do, while women in the same field would expect just over half that amount at £7,000 according to new research on salary expectations by the Association of Accounting Technicians (AAT).
The gender pay gap remains, with men working full time were already seeing earnings of around 18% more than women, which rose to 23% when reaching senior membership levels according to a survey of 2,000 employees in the finance sector.
Women’s salary expections far lower than men’s
Salary expectations for each sex vary considerably, and on average men felt they should be paid an additional £11,963.51 on top of their current pay to achieve the real value of the work they do, with one in 15 suggesting an additional £40,000 a year would be a fairer reflection of their working contribution.
The average woman felt her salary was £6,854.43 lighter than it should be, with just 1% of women thinking they deserved an extra £40,000 a year, proving their salary expectations are far lower. Almost half of women working in finance thought they should see an annual increase of up to £3,000, compared with just 29% of men.
Olivia Hill, Chief HR Officer at AAT, said: “These latest figures suggest that men working in finance are far more positive about their worth and value in the workplace, and subsequently are more confident of asking for a pay rise, which many are receiving. There is also a suggestion that women may have less awareness, or desire, to reach the more senior levels of their company and reap the associated financial benefits. Women need to feel more empowered to redress the balance and ensure they are receiving fair recompense for the hours they put in at the office. The finance sector needs to consider equality and diversity in more depth if it is to continue to attract the best talent.”
Men are significantly more likely to ask for a pay rise too, with more than a quarter asking for a pay rise in the past year, while just 18% of women had. Nearly half of men in the sector (47%) had received a pay rise in the past year, compared with 40% of women.
Professor Sir Cary L Cooper CBE, 50th Anniversary Professor of Organizational Psychology and Health at Manchester Business School said: “Both businesses and employees themselves need to take greater responsibility to narrow this unconscious gender bias and barriers to opportunity that may be preventing some women in finance from realising their true value. Women should be encouraged to give thought to whether they are being paid fairly for their contribution at work, and indeed whether they are keeping pace with their male counterparts.”