Why closing the gender pay gap is imperative

The gap between what men and women earn stands at 23%.

This means that female managers effectively work for free for almost two hours each day, according to the Chartered Management Institute’s (CMI) most recent gender salary survey.

Petra Wilton, Director of Strategy and External Affairs at the CMI, discusses strategies employers can take to close the gender pay gap.

“Despite the apparent gloom, there are a number of things that employers can do to address the issue. Simply put: transparency and targets. New government regulations coming into force in April 2017 will require large employers to publicly report on salaries for each gender. Shining a light on what men are paid versus women at every level, as well as monitoring the percentage of women at every level, is proven to speed up progress. It’s what drove the step change in boosting women on FTSE Boards, the partnership tracking and measurement done by the Lord Davies report, Cranfield, the 30% Club, the government and the media.