Is there a gender pay gap in the CoSec market?

 

 

With The Equality Act 2010 (Gender Pay Gap Information) Regulations 2017 coming into force this April, we are one step closer to bridging the gap of unequal pay between women and men. According to these regulations, UK employers in the private and voluntary sectors with 250 or more employees will be required to disclose statutory calculations every year showing how large the pay gap is between their male and female employees.


With these results published both on the company’s website and a government site and available to customers, current employees and future recruits, it is believed that employers will be forced to act on reducing and finally eliminating their gender pay gaps.


Curious to find out whether such pay gap exists between women and men in the company secretarial market, we looked at the data from our most recent salary survey. Specifically, at the top level (Group Company Secretary) of FTSE-100 and FTSE-250 companies the results were surprising!


Female Group Company Secretaries of FTSE-100 companies were found to earn £26k more than their male counterparts, while in FTSE-250 organisations the gap was similar, as female Group Company Secretaries were found to earn £24k more than their male counterparts.
However, the results also highlighted that the number of women at these top-level positions is much smaller, with 76% of Group Company Secretaries in FTSE-100 and FTSE-250 companies being male, while only 24% were female.


One explanation for this would be that for women to reach the top level, they have to put more effort into developing their careers, perhaps by attaining more qualifications or working more on their soft skills, which may be translated into a higher salary. It might also be that employers, already cautious of the gender pay gap offer more money to women so as not to be accused of discriminating against them. Finally, as we have only looked at basic salaries, it could be that the overall packages men receive are of a greater value (bonuses, car allowances, LTIPs etc.). For this to be established, we would have to conduct a more detailed survey on this subject.

 

Do you think there is a gender pay gap in the CoSec market?

 

Would you be interested in taking part in a survey looking into this?

 

Please comment in the section below and feel free to get in touch with a member of our team on 020 3589 033 for a confidential discussion. If you’d like to receive a copy of our latest salary survey, please email team@core-partnership.co.uk.

06 March 2017

 

 

written by Mariza Dimaki
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