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The Gender Pay GAAP

Posted by Kate Green

This month saw the brand new £10 note featuring Jane Austen enter circulation. Austen, an English novelist famous for her romance and comedy-fuelled literature, is the only woman – apart from the Queen – to now feature on an English banknote.

Theresa May, somewhat like Marmite – the public tend to either love her or hate her. Whichever side of the argument you're on, there is no denying she is the second woman to hold both positions; Prime Minister of the United Kingdom and Leader of the Conservative Party - the first being Margaret Thatcher.

Females entering traditionally male-dominated occupations has significantly increased in the last few decades. So, what about females working in finance? A study conducted by Visible Women shows that 64% of the top 1000 accounting and finance firms have no women in senior roles.

Not only this, male chartered accountants in business earn an average salary of £100.9k compared to females who earn an average of £63.9k, a gap which has increased by 5.4% since 2014.

So, what is being done about it? Well, organisations of more than 250 employees will now have to report gender pay differences annually or face a fine – and as a result, this Summer, PWC have reported a shocking 13.7% mean gender pay gap – something which they need to address.

I believe transparency is the key to overcoming the gender pay gap - and is it clear to see from the media portrayal of the BBC following the release of their highest paid talent, that businesses cannot afford to risk their reputation.

We should celebrate strong female role models in finance and it is great to see City AM’s Power 100 list recognising impressive female leaders in the accounting world, including Sacha Romanovitch the first female CEO of a major City accountancy firm, Grant Thornton.

 
 
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