We believe that forthcoming small changes in the law are going to have a profound effect on private sector employers’ attitudes to equal pay and that the impact of these changes will be most dramatic in the City of London.
Recent studies claim that women working in the City are paid 33% less than men on average. Why is the gap still so large in the City when the pay of women in other sectors of the economy has got much closer to that of men?
Bonuses make up a large proportion of compensation in the City. Banks admit that their culture has to change and are trying to address this. But changing culture takes time. Bonuses are largely discretionary and are largely decided by men. Even if there is a will to change, eliminating unconscious bias is difficult.
Although men will continue to dominate the trading floors and the top echelons of most banks for the foreseeable future, we believe that the changes in the law we are about to see will force through equal pay in the City.
If you would like to know more about why we believe this or how we think it will affect you, please get in touch.