A leading think tank has discovered that fathers pay has been slow to increase compared to men without children over past two decades. Surprisingly women’s pay has outstripped those peers without children.
This is thought to be the significant change in working patterns as more women are now working full time.
Research has discovered that mothers and fathers on low to middle pay, has demonstrated a gender pay gap since the mid nineties. The decrease has resulted in 25 percent.
More men have been forced to find part-time roles over this period whilst more women are going back to work full-time. Another reason for this is women have established careers by the time they have babies and therefore are older.
With the significant changes in society and the economy, families will focus on maximising on the parent who can earn the most from their salary, so this determines which career changes to part-time hours where possible.
Going back a few decades more women would have automatically become a stay-at home mum or reduced their working hours compared to families today who ensure they steer clear of poverty, will commit to dual-earners.
A City survey identified that women in Financial Services were being paid 21% less than their male colleagues performing a similar role. This percentage converts to around £30,000 less in complete pay which includes bonuses.
With large City firms focussing on their diversity policies, the research shows that women are still behind when it comes their financial reward.
Not only does the gap need to be drastically narrowed for equality reasons but more importantly, to attract top talent regardless of gender. Retention of talent here is significant also when the economy is in such a downturn.
The Home Secretary and Equalities Minister, Theresa May enforced "gagging" clauses in contracts back in 2010 to discontinue City workers discussing their pay. Since the enforcement of this clause, there appears to be little effect.
Nearly 2000 City professionals took part in a survey which showed that overall, employees were less satisfied with their base salary. The results also showed that the pay rises were less common in comparison to 2010.