Women constitute fewer numbers when it comes to adorning top earning positions in the British finance sector after the Covid pandemic, says a report from the London School of Economics and Political Science.
“The lack of progression of women to the most senior roles in financial and professional services is a major factor contributing to the gender pay gap. We are going backward, but I am not surprised. For progress to be made, there needs to be a bigger shift towards recognizing that diversity is good for business,” said Grace Lordan, an associate professor at the LSE.
According to Reuters salary data, Britain’s top financial firms pay their women workforce 28.8 percent less on an average working day than their male counterparts. However, LSE research based on quarterly Labor Force survey says that women comprise 28.3% of the top 10% of earners from the first quarter of 2020 to the second quarter of 2023. This marks an increase of 2.5% compared to the preceding three years till the first quarter of 2020.
