Banner

Bonus pay gap widens

The bonus pay gap between women and men is widening as some male managers earn bonuses which are on average double those for women, according to figures from the Chartered Management Institute (CMI).

Men earned on average £6,442 in bonuses in the last 12 months, compared to £3,029 by women. Including average basic salaries, the figure rises to £38,169 for men compared to £29,667 for women.

The CMI's National Management Salary Survey - which collates data from over 40,000 UK workers - shows men stand to earn over £141,500 more in bonuses than women in the same role over their working lives.

Despite ongoing drives from the Government to get more women into executive positions, the CMI found there was a 'steep drop off in female talent' from middle management levels upwards.

The CMI's chief executive, Ann Francke, says, "Despite genuine efforts to get more women onto boards, it's disappointing to find that not only has progress stalled, but women are also losing ground at senior levels. Women are the majority of the workforce at entry level but still lose out on top positions and top pay. The time has come to tackle this situation more systemically."

Ann continues: "The evidence is clear. Diversity delivers results. If organisations don't tap into and develop their female talent right through to the highest levels, they will miss out on growth, employee engagement, and more ethical management cultures. And that's not good for business."

The CMI is calling for changes in three key areas of employment, including a measure and report on equality in organisations, an extension to flexible working regulations for both men and women, and a sponsorship and mentoring system for women in organisations.