A man and a women start their careers in the same role, at the same company on the same day. They are promoted at the same time, achieve the same level of seniority and retire at identical moments. How much more did the man earn?
The answer, at least according to a poll of 38,843 executives conducted by the Chartered Management Institute late last year, is £423,390. The higher up the ladder you climb, the bigger the pay differential too, with female directors earning an average salary of £127,257, £14,689 less than males in equivalent roles.
On International Women’s Day, The Financialist takes a look at a thriving group of women business leaders: entrepreneurs.
The challenges professional women face in the workplace is not exactly a subject that lacks attention these days.
A third of SMEs say finding the time to take a step back is impossible, citing it as a bigger challenge to their growth prospects than the current economic environment. 63 per cent of those surveyed said they spend less than two hours per week actually leading their company, spending the rest of their time doing day-to-day work. As one business owner said: “One minute I’m a builder, the next minute I’m an MD!”.
Those who have taken the time to plan say it has put them, on average, 10 months ahead of where they would have been without planning.