The results of a just completed study on the wages of managers in the UK, has revealed that the pay gap between male and female managers has widened to £10,546.
Men make an average of £42,441 annually while women bring in £31,895 performing the same job. However, it was found junior female managers now make an average of £602 more than males at that level. This is attributed to younger women being more savvy about salary negotiation.
Chartered Management Institute, which conducted the study, has stated that businesses are contributing to the gap in pay by alienating women and continuing to pay men more. This is why a gap exists despite women's salaries increasing slightly faster than those of men.
In order for the pay gap to be closed, CMI calls for more scrutiny from government regarding organisational pay and for companies to be more transparent about pay bandings. CMI also demands exposure of organisations that contribute to and encourage the pay gap.
A February 2011 independent government report warned companies to double the number of female employees by year 2015 or be faced with sanctions. While many firms have set goals on their own, others are slower to comply. It is clear more work needs to be done.