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E-Newsletter - Edition February 08

Female pay gap growing

In November the Institute of Directors (IoD) released the findings from its annual Directors' Rewards survey, which analysed 3,945 posts from around 1,200 organisations. Sadly, the survey showed that the gender pay gap has increased to 22%, up from 19% last year. Tony Cherrett, Chairman of the IOD Surrey Downs branch, says: "It is wholly unacceptable in this day and age that apparently women in comparable positions do not receive the same rewards as their male counterparts."

The largest gaps appeared in the service and voluntary sectors where female pay is as much as 26% below that of their male counterparts. In the service sector, this means an average salary of £56,933 for a female director compared with £70,657 for a male. The financial services sector has seen an improvement this year and the pay gap is now 9% compared with 14% in last year's survey and 35% two years ago.

The survey also found that:

• 31% of directors in small companies are working over 55 hours a week with 43% working 46 to 54 hours. In medium-size companies, 24% of directors work over 55 hours and 35% work 46 to 54 hours.
• Only around 20% of directors in medium and large companies take their full holiday entitlement.
• Average basic pay for a managing director of a small company (up to £5m) is £65,000. In a large organisation, with a turnover between £50 million and £500 million, a managing director can expect to earn, on average, £141, 440.

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