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66% pay gap between women and men in the FTSE 350 financial services firms
It has been revealed that a gender pay gap exists amongst female board directors in FTSE 350 financial firms. Female directors' average annual pay is £235,000, yet male directors receive a generous £689,000 on average annually. This 66% gender pay gap is overwhelmingly larger than the overall gender pay gap in the UK economy which stands at 7.9%. It has been suggested that one of the reasons for such a significant pay gap in financial services is the lack of promotion for women to executive director positions.
Discrimination in the financial services industry
This gender pay gap, together with slow progress in promoting women to executive director positions, has been a continued issue in the financial sector, leading to the potential for more discrimination and equal pay claims being brought against senior management. It is illegal to discriminate in the workplace on the basis of gender. Gender is one of nine protected characteristics along with, for example, race, religion and disability.
Potential discrimination in the financial services industry is nothing new. Back in 2018, discrimination on the basis of age was prevalent amongst financial professionals. 62% of those responding to a study claimed this was common in their workplace. In fact, a third of financial professionals felt they had not been selected for a position specifically due to their age.
Challenging discrimination in the workplace
If you believe you have grounds for making a discrimination claim against your employer or you need help with other employment law issues, please contact us. We can provide assistance in complex employment situations, assisting employees and senior executives facing discrimination, and have an excellent record of success for contentious cases.
Contact Our Award-Winning Employment Lawyers for Executives & Senior Employees in London
This employment law blog provides senior executives with employment-law related news updates. Cavendish Employment Law is a firm of employment law specialists experienced in handling complicated high-value claims. Our expertise is in assisting senior management and employees in the financial industry. We can offer a no win no fee settlement for your high-value claim.
Call our expert employment lawyers now on 020 7167 4800 or fill in our online contact form.
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