Gender pay gap, combating the digital skills gap and recent moves and transactions
In this week's Hanover Talent Insights:
?? Unravelling the gender pay gap in the UK's financial sector
?? How to combat the digital skills gap amongst senior leaders
?? Discover recent market moves and transactions
?? FREE one hour masterclass: Get board ready - Launch your NED career
Breaking Barriers: Unravelling the Gender Pay Gap in the UK's Financial Sector
The gender pay gap remains prevalent in numerous industries, particularly in the financial services sector, where the gap is narrowing slower than in other sectors. According to multiple reports, the median average pay gap within financial services is currently 26.6% compared to 12.1% across different sectors.
If you do not know, the gender pay gap refers to the difference in average earnings between men and women, and it is an essential indicator of equality. It is helpful to differentiate the gender pay gap from equal pay. Equal pay ensures that men and women receive the same compensation for performing the same job.
For the past 47 years, the Equal Pay Act of 1970 and the Equality Act of 2010 have dictated that all employers, regardless of size, must not discriminate against gender in terms of pay. However, a company may still have a gender pay gap if men predominantly occupy top positions despite receiving equal pay for comparable roles. Companies with 250 or more employees in the UK must publish their gender pay gap data. This measure, introduced in April 2018, aims to promote transparency and accountability. By examining the data, organisations can identify the extent of their gender pay gap and take proactive steps to address it.
How to combat the digital skills gap amongst senior leaders
In the march of digital progress, it's crucial for leaders to stay in step. Leadership within any organisation doesn't just provide direction; it sets a tone. When leaders are committed to continuous learning, adapting and evolving with technology , it inspires those around them to do the same. It also has the knock-on effect of making employees more invested in your organisation.
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The statistics reflect this. According to LinkedIn’s 2023 Workplace Learning Report , “the No.1 way organisations are working to improve retention is by “providing learning opportunities.”
And yet, only 35% of learners have been encouraged to learn by their manager in the last six months, and obvious skill gaps have emerged within our talent pools. Many candidates, even when they’re willing to learn, find themselves under-equipped for the roles they’re applying for. Addressing this issue demands a top-down approach. Senior leaders must place a premium on continuous education and cultivate a culture of growth.
The need for continuous learning in a digital-first world
The digital era we’re living in is one in which change is the only constant. With emerging technologies coming to market at an almost mind-boggling pace, taking a back seat isn’t an option; it's a potential pitfall. You have to learn to be able to roll with digital change in order to thrive.
This urgency for continuous learning and adaptation begins at the leadership level. When a company's leadership emphasises the value of ongoing digital education, it sets a tone that your entire organisation can follow.?
Q3 2023 Market Moves and Transactions
Q3 has continued to be a busy quarter and we have seen a number of senior appointments, promotions and transactions across the market. If you are interested in receiving our latest copy of the digest to update you on the various market moves & transactions in the INSURANCE, PENSIONS and INVESTMENTS sectors please contact Rob Bulpitt - [email protected]
Join our FREE one hour masterclass on 1st November at 12pm: Get board ready - Launch your NED career
Making it on to the shortlist for a top Non-Executive Director (NED) role is a demanding process and your CV is usually the initial ‘make-or-break’ component. Your reader will bestow just a few seconds of attention to your CV before making their first screening decision, so you need a strategic Non-Executive Director CV that positions your strengths and experience as a perfect match with your target role.
In this one hour masterclass, you will learn tips and strategies from Victoria McLean , CEO of Hanover Talent Solutions and international career consultancy City CV.