The glass ceiling still hasn't shattered, but it is definitely cracking. The latest hammer to gender pay gaps came on April 4, the deadline for all U.K. employers with 250 or more staff to report the difference between what they pay female and male employees. The mandate included U.K.-based companies, as well as U.K. subsidiaries of U.S. firms.
The results were unsurprising. The government's data revealed that about three-quarters of large U.K. businesses pay men more than women, with an average salary premium of 9.7%.
The gender pay gap was especially pronounced in the asset management industry. The average pay gap across asset management groups was 28.5%, with a bonus gap of 55.4%.
These numbers confirm what we already know — men consistently earn more than women, in part because women are underrepresented in senior roles. This is true in almost every industry and every country. But while the data itself should be taken with a grain of salt, the biggest accomplishment of the U.K. gender pay gap study is how it changes the equation for women in the fight for equal pay.
With greater transparency into what their male counterparts earn and greater pressure on asset managers to close the gender pay gap, women now have the tools necessary to negotiate for a better position and a higher salary. Women, and particularly women in the asset management industry, today have more leverage than ever to finally win that fight.
However, few female candidates realize how much leverage they have and even fewer know how to take advantage of it.