Men in retail sector paid £4,523 more than women

Men in the retail and wholesale sector are paid on average £4,523 more than women, new research has claimed. According to figures released today by the Chartered Management Institute (CMI) and XpertHR, men are more likely than women to have been promoted into senior and higher paying management roles in the past year. Analysis of salary data of more than 60,000 UK employees found that in the past year 14% of men in management roles were promoted into higher positions, compared with 10% of women. Male managers are 40% more likely than female managers to be promoted into higher role. Even allowing for staff turnover, men continue to be promoted ahead of women in management roles. The data revealed that for managers who have stayed with the same employer for the last five years, 47% of men were promoted compared with 39% of women. The difference in promotion rates is one of the main causes of the gender pay gap, which remains largely unchanged this year at 23.1% compared with 22.8% in 2015. In the retail and wholesale sector alone, the gender pay gap stands at 14.3%, representing a £4,523 difference between genders. The average full-time equivalent salary for male managers now stands at £38,817 - £8,964 more than the average female manager. The pay gap is even higher for those in the ranks of director and CEO, with men on an average basic salary of £131,673 - £16,513 more than women at the same level. Ann Francke, chief executive of CMI, says that the imminent pay reporting regulations will focus employers on closing the gender pay gap in their organisations She said: “Promoting men ahead of women is keeping us all back. Diversity delivers better financial results, better culture and better decision making. Even before the new regulations kick in, employers need to get on board with reporting on their recruitment and promotion policies and how much they pay their men and women.” Men’s pay further outstrips that of women’s because of a ‘bonus gap’. In the past year, 43% of men received an annual bonus compared with 36% of women. The average mens bonus stands at £5,398 compared with women’s £2,764, equating to a 49% gap. The bonus gap in the retail and wholesale sector outstrips this national average, standing at 56.5%.