This month, the deadline was reached for companies employing over 250 people to publish their gender pay gap statistics – or face possible court action.
The Office for National Statistics has revealed that men are, on average, paid 17.4% more than women. In the retail industry specifically, men are paid 16.4% more than the opposite sex.
The pay gap within our industry is arguably one of the most significant, especially given that women make up 60% of the workforce. Despite this, only 10% of retail board-level positions are held by women.
It is positive to see larger retailers announcing initiatives to close the gap and improve female representation in areas that have been traditionally male dominated. But there is still some way to go, and it will take time to roll out these initiatives and change business cultures.
In the meantime, if you would like to have a confidential conversation around your remuneration package and how it compares to the industry averages, please get in touch with one of specialist consultants.
If you would like to have an informal discussion, please contact Katy Lock here about the roles we are currently working on.
Edited by Red Squirrel Digital.