The new gender pay gap figures revealed that the UK’s biggest companies have shown that 78% of them pay their men more than women!! Only 13% pay women more on average than men and 7% reveal that they have no pay gap at all. With it proven that women tend to live longer than men, women will be either working a lot longer or need money for a longer retirement! Women are paid less than men at all ages, but the gap is greatest when women are in their 50s, stretching to 25.9%, says TUC.
The Finance Pay Gap
The finance sector is the worst affected by the gender pay gap with the average woman earning 35.6% less that the average man! Another way to look at this is that a woman will take home just 64p for every £1 that her male colleagues earn! Only 8 of the 279 finance companies that have released their data so far have a gender pay gap in favour of women. Virgin Money reported a pay gap of 38.4% in favour of men, the highest gap compared to the top players that have reported in the finance sector, with RBS coming second highest with their gender pay gap at 36.5% pay gap in favour of men.
What is Your Companies Pay Gap?
Check out some of the most well know companies pay gap here: http://www.bbc.co.uk/news/business-43632763
Something needs to change and all women need to feel the confidence to stand up and demand equal pay! It started 100 years ago with the suffragette movement and we are still fighting for it!
7 Ways Midlife Women can do to Narrow the Gender Pay Gap!
- Be confident; don’t be afraid of pushing for a higher salary and know where you stand, be bold and don’t be shy! Be counted! A lot of midlife women sit back and don’t want to rock the boat! Stand up and influence other women to fight for equal pay.
- Select the right boss for you or simply be your own boss! – Working for someone who recognises your worth will benefit your pocket! Or set up on your own, it’s never too late!
- Be positive at work – Make a good impression – 85% of your success at work, no matter how intelligent or skilled you are, is down to your attitude and your personality. Your overall success, how much you are paid and how fast you are promoted is largely decided upon how much people like you as a person and want to help you grow.
- Find a high growth industry – In a high growth industry you have more chance of getting promoted faster, than in a slow growth industry.
- Ask for what you want – The future belongs to those who ask and not those who just sit back and accept what they are given. If you don’t get what you have asked for them ask again until you get it!
- Ask for flexible working hours – If you have young children at home, don’t be afraid to request for flexible working hours so that it allows you to juggle between school runs and better childcare.
- Push to the Front – You become more successful if you continually ask for more responsibility.
If you found this shocking then that’s what the reality is right now, until we all continue to stand together and do something about it! While you are here, for more content just like this, subscribe to our weekly newsletter and help us grow our community.