Read the statement here.
Along with other companies in the UK, Richmond Fellowship’s gender pay gap has seen a decrease every year.
The table below shows the median pay gap for Richmond Fellowship for 2018 and 2019.
|Median Gender Pay Gap|
|Hourly Pay 2018||4.54%|
|Hourly Pay 2019||0.70%|
The ‘gender pay gap’ is a percentage which shows the difference between the full time equivalent average (median) earnings of men and women. Often there is a gender pay gap in companies because there are fewer women in senior positions.
There are many reasons for this but importantly figures show an increased gender pay gap over the age of 40 which indicate that life events such as having a child may negatively impact progression.
Women returning to work after leave are paid 4% less than their counterparts. Societal and political changes are required to combat these causes.
Gender Pay Gap vs Equal Pay
The Gender Pay Gap as a measure can be criticised as it does not account for age, experience or difference in job roles. It is not a comparison of like for like jobs and may not provide the information people need to challenge unequal pay.
Equal pay, on the other hand, is a measure where like for like jobs are compared. This can usually only be done within a company and not across companies. In Iceland, they have implemented a legal equal pay standard whereby each job is analysed for education requirements, physical strain, mental stress, and responsibility and given an overall score. Time in position or time out of work impacts the measure less.
Although the gender pay gap may not be the best measure it certainly provides a basis for organisations to identify the reasons for their pay gap and develop action plans to combat it such as Richmond Fellowship has done.