Businesses have gender equality and inclusivity high on their agendas. Media coverageof gender issues at work has never been greater, and in recent years we have seen increased legislation to recognise the importance of gender equality, includingpay gap reportingandshared parental leavepolicy in the UK. Yet despite this attention, women continue to be under-represented in positions of power in organisations. The Gender Matters project, created in 2018 , aims to shed light on this resilient problem by drawing on a range of international and national sources to identify the scope and range of gender challenges facing UK organisations. Our2020 brochure , funded by theUKRI Quality Strategic Priorities Fund (QRSPF), was published before the unprecedented changes brought about by Covid-19. The gender and inclusion challenges identified in our brochure persist – the gender pay gap, the leadership pipeline and the challenge of managing the personal and the professional. However, the consequences of the restrictions in force due to the pandemic will inevitably have an impact on how each of these challenges are manifest, and how we think about and respond to them in our adjustment to the ‘new normal’ at work. Already we are seeing the implications of the pandemic, including the suspension of UK gender pay gap reportingthis year, with onlyhalf of companieschoosing to volunteer their data. The pandemic brought reduced working times and furloughing for some, while those in the health and care sectors may be working longer hours. All of these measures have a significant impact on women, who dominate in part-time and low paid work and in social and health care roles. We are also experiencing alternative forms of working and the move to home-based working environments. This shift can also affect women disproportionately, as they typically take on the majority of domestic care, and there remains limited access to external support. Revealed through the blurring of home and work boundaries, these new complexities are bringing to the fore the importance of understanding how we experience, and how we tackle work-based and work-related gender inequalities. Our brochure brings together infographics frommultiple sources to illustrate the three challenges. We also focus on these challenges in the financial services sector; a key player in the UK economy and a sector where gender inequalities are particularly pronounced. , By illustrating the range and scope of these challenges, we aim to provoke discussion and encourage action on tackling gender equality at work as we establish new working practices in the light of the pandemic. While each of the challenges we identify poses particular problems, as outlined below, we can also see how they interconnect to reinforce and maintain inequalities. THEGENDERPAYGAPCHALLENGE The pay gap measures the difference between men’s and women’s average pay. Globally, and in the UK, women’s pay lags behind that of men. The UK gender pay gap is close to zero for those under 40, but widens for those over 40. There are multiple reasons for this: older women are less likely to be in managerial roles, are more likely to be in lower-paid occupations, and have increasing family responsibilities. The pay gap has consequences for later years. In the UK, women have 40% less on average in their pension pot than men. In thefinancial sector, the pay gap is more pronounced, with a significant gap at executive level, and with an average 40% gap in bonus pay. Going forward, with increased homeworking and a dispersed workforce, monitoring pay becomes a vital tool in measuring progress and keeping gender equality firmly on the agenda. THELEADERSHIPPIPELINECHALLENGE Women's progression into senior and leadership roles is persistently problematic, creating a clear status gap. Women remain over-represented in junior roles and under-represented in senior roles. Figures show women's representation decreases sharply after middle management level. In the UK financial services sector, the gap in senior roles is particularly stark, and greater than the average across all industries at board level. We also see a perception gap in this sector where 32 | Gender Pension Gap The gender pay gap has consequences for women’s wealth into retirement. £24K £40K Onaverage,women intheUKhold40% less intheir pensionpots thanmen. Women’s Representation in Leadership Roles Globalfigures show the underrepresentation of women across leadership roles. Source: Global Gender Report (2020). World Economic Forum. Percent offirms with majority female ownership Percent offirms with a female topmanager Percent offirms with females in senior roles 14% 18% 36% Source: Profile Pensions (2019).
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