Payspective shows women earn less but are as happy with their compensation

There is a clear 27% gender pay gap, and it extends to bonuses as well.

 

Payspective results show a clear gender pay gap. On average, women are paid 27% less than men in terms of basic salary. Men’s bonuses are also 2.2 times what women receive. The gap is evident across all other types of compensation – car allowance, stock and even pension.

At Payspective, we firmly believe that the gender pay gap is a serious issue, and we want to be part of the solution to closing it.

Is the data surprising? Not really, considering recent news about the gender pay gap beginning to close for millennials, but worsening again for women over 30. The gap clearly persists, despite regulations requiring businesses to produce annual reports on their gender pay gap from April 2017.

This is where it becomes strange: although women earn less, they report that they are, on average, as happy with their compensation as men. They are also as satisfied with their jobs and work 6% fewer hours.

This could on first look suggest that women are just better at accepting their lot. Considering the outcry over Kevin Roberts’ comments regarding women and ambition in the summer of 2016, this would be a simplistic generalisation. The very existence of campaigns for gender equality, led by women such as Michelle Obama and Sheryl Sandberg, suggests that not all women, at least, are happy to accept lower pay. A McKinsey Global Institute report found that $12 trillion could be added to global GDP between 2016-2025 by advancing women’s equality.

At Payspective, we hope that being able to share accurate anonymous data on the extent of the gap will be a fundamental part of the solution to closing it once and for all.

To discover more about or join Payspective, please visit the homepage here. Thank you.

 

 

 

*Figures based on c.1,114 respondents in December 2016; comparison on a like-for-like basis.

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