JUNE 2015 WiFI Index: 108
BRUIN’s WiFI Index highlights:
- YoY figures show continued improvement in the WiFI Index of 7.6
- Average salary increases for women in June 2015 of 12.8% compared to June 2014.
- Average number of women gaining interviews increases by 3.5% YoY
- Women receive 1.6% more in pay rises than male counterparts in June 2015
- Gender pay gap widens YoY by 0.9% but pay rise gap narrows by 17.2% YoY
The findings of the June WiFI Index reveal that gender equality is improving in the financial services sector, however, following a spike in March and Aril of this year, the WiFI has fallen slightly. This is as a result of more men starting to receive pay rises at a similar level to women, who have enjoyed an average pay rise of 14.1% over the last 2 years. However, despite a slight fall this month, the index for June continues the trend of general overall improvement.
“The market has picked up significantly in the last few months, with even greater demand for top tier candidates, which has driven average salaries up by more than 11.6% in the last 12 months. The a year on year increase in our WiFI Index of 7.6% suggests that women are reaping the benefits in this competitive market as their salaries are increased inline with their male counterparts.” says Robert Thesiger, Chief Executive Officer of The FISER Group, parent company of BRUIN Financial.
Thesiger adds: “Gender equality is now a key rhetoric for the financial services sector and headway seems to be being made in terms of pay and opportunity. It is undeniable that women are in the minority within the sector, which does have a knock on effect on the index in terms of under-representation. For example 28% more men gained interviews for new jobs in June 2015 than their female counterparts. However, YoY this has reduced from 38.3% and we expect this trend to continue”.
Following David Cameron’s recent announcement that the government will oblige bigger companies to reveal the gap between average earnings for women and men, the spotlight has very much been turned to remuneration. Our findings reveal on average men working in financial services receive basic salaries of £67,000 per annum whereas women receive £57,000. Of greater concern is that this pay gap has widened over the past 12 months by 5.7%.
“ Most notable is that the gender pay gap is almost negligible at salaries below the 40k-60k banding” said Thesiger. “From salary bandings of £40k upwards the WiFI index shows that women start to become negatively affected and the pay gap becomes increasingly pronounced with higher salaries”.
Thesiger continues: “Despite the improvement in the WiFI index overall, it is clear that the financial services sector has some way to go in achieving gender equality. Institutional change is required to support flexible working, genuine career opportunities and equality in pay structures, which would all go a long way to increasing the number of women in the sector. The BRUIN WiFI Index is a real-time barometer of how financial services firms are doing in this 21st century challenge. The City has come a long way over the past 20 years in areas of race and sexual orientation equality and a continuation of this in relation to gender is essential”.