From Equal Pay Day, which takes place in the UK every November, to International Women’s Day, a global movement which occurs on 8th March annually, the conversation surrounding pay disparity is nothing new.
However, a new European study by Ravio has found that when it comes to the gender pay gap within tech, junior staffers who are female suffer the biggest financial losses and are paid 22% less compared
to their male counterparts, and women make up 41% of junior roles.
The silver lining? Those who manage to achieve C-suite status have managed to achieve equal pay. However, only 19% of executive roles at European tech companies are held by women.
When you look at the UK specifically, the figures aren’t much better with 2023 data highlighting that the tech industry’s
gender pay gap sat at 16%, higher than the national average of 11.6%. Some 91.1% of tech companies pay their male employees more than their female staff.
While it’s technically illegal to pay women less than men for doing the same job, the lack of female representation in more senior high-paying roles, along with job title inflation means that women are still coming up short.
Closing the gap
In Europe, the disparity between male and female salaries will hopefully be addressed thanks to the
EU Pay Transparency Directive, which came into effect in 2023 and will be enforceable by 2026.
Under this new legislation, employers will have to tackle the issue of equal pay within their organisation by reporting on salaries of ‘categories of workers’ and not just on their gender, for example, what junior roles are earning across different departments.
Any organisation that is found to have a gender pay gap of 5% or higher will then have to conduct an assessment of all categories of workers and act to rectify the situation.
The new legislation will also enforce pay transparency prior to employment whereby employers must provide salary information in the job spec or ahead of the first interview. Employers must also provide data surrounding how pay levels and remuneration in
tandem with career progression are generated.
However, if you feel like your current employer has a systemic gender gap issue or your manager is not open to any sort of dialog surrounding pay, it could be time to start looking for your next role.
If that is the case, the
Finextra Job Board is the perfect place to focus your search. It features thousands of jobs across finance and fintech, including the three below.
Deal Finance Manager, Version 1, London
Due to significant growth, Version 1 is expanding its digital, data, and cloud team and is hiring a
Deal Finance Manager to support the business in driving its competitiveness and profitability. In this role, you will be a subject matter expert in competitor pricing and market movements, a key contributor to defining and evolving pricing strategies across
all service lines, and the internal authority on standardised pricing and commercial models to optimise deal wins, value delivery and deal profitability.
You should possess a solid knowledge and depth of experience in quantitative and qualitative data analysis methods, bringing to bear through exacting actionable insights to executing and evolving our pricing strategies. You will also drive pricing strategies
across all portfolios, sectors and routes and identify opportunities for margin improvement while improving customer value.
Want to know more?
You can find more information here.
Senior Finance Manager, BNP Paribas, Swindon
As a
Senior Finance Manager within BNP’s financial planning and analysis (FP&A) team, you will be tasked with formulating plans and providing insightful reporting and analysis.
Within this role you will take ownership for a wide variety of responsibilities: leading the production, co-ordination of budgets, quarterly forecasts; analysing and reporting on month-end results; and leading the provision of performance dashboards. You
will also communicate the story behind the numbers and take ownership of financial margins, as well as manage key stakeholder relationships with the team in Paris.
See the full job description here.
Senior Quantitative Finance Manager, Bank of America, London
The
Senior Quantitative Finance Manager is responsible for providing risk oversight, acting as a subject matter specialist and the second line of defence overseeing model performance, model risk and model governance.
As such, you will establish model risk policies, limits, standards, metrics, and thresholds within the model risk framework. You will also be responsible for the oversight and execution of model risk framework activities and effectively communicate model
risk governance and processes to the local regulators.
You can access additional
details about this opportunity here.
Accelerate your job search today via the Finextra Job Board.