According to the Chartered Management Institute (CMI) and salary specialists XpertHR, the gender pay gap has widened because of a 50pc difference in reward payments.
Data from the 2013 Gender Salary Survey revealed that on average male managers received bonuses twice as big as those of their female peers over the past 12 months – £6,442 compared with £3,029.
It's been well-documented that one factor that explains the "gender-pay gap" is the existence of a "gender-hours gap." According to the BLS, men worked on average about five more hours per week in 2009 (40.2 hours) than women on average (35.3 hours), and that "gender-hours gap" has persisted over time.
Last week Microsoft boss Satya Nadella caused a storm by saying that women shouldn’t ask for pay rises, but rather put their trust in karma. This was his unfortunate response to the question: “What do you advise women who are interested in advancing their careers, but not comfortable … with asking for a raise?”
If Nadella is right – then why is there still a 20 per cent pay gap between male and female salaries – clearly karma is not working.
Editor's Note: The following post comes to us from Philipp Geiler of the Department of Finance at EMLYON Business School and Luc Renneboog, Professor of Corporate Finance at Tilburg University.
In our recent ECGI work
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It’s International Women’s Day, which makes today a good day to examine why America just can’t seem to pay women as much as men.