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Equal Pay – The Journey Continues

news published date 15 November 2023
  • Thoughts & Opinions
Equal Pay Day in the UK falls on 22 November. Read about what this means and how WIBF addresses this as part of the ACT Research programme’s GOOD FINANCE Framework.

The Fawcett Society, the UK’s leading charity focused on gender equality and women’s rights has revealed that in 2023 Equal Pay Day will be 22 November. Equal Pay Day marks the day in the year when, based on the gender pay gap, women overall in the UK stop being paid compared to men. 2023’s Equal Pay Day is just 48 hours later than last year, representing a shift in the Gender Pay Gap of just 0.2 percentage points.

As an organisation that has been focused on championing women in financial services for over 40 years and with a mission that aligns us to the UN’s sustainable development goals – achieving gender equality and empowerment of all women and girls (5), promoting sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all (8) and reduce inequalities and ensure no one is left behind (10) – the issue of equal pay is close to the heart of our organisation. An issue that continues to need awareness, focus and a spotlight shone upon it.

Women in Banking and Finance has long-championed equality of every kind within financial services, with pay being a crucial indicator of fairness and parity. The GOOD FINANCE Framework that was launched by our ACT team in 2021 is a unique, action-focused approach to creating a better work environment for all employees, but particularly for women. The framework identifies 10 themes and proposes concrete actions for organisations wanting to retain and develop their most talented employees, including women.

One of the 10 areas focuses on equalising opportunities. This means working to ensure managers audit the allocation of stretch assignments, pay increases and promotions. Giving a manager the autonomy to see for themselves if they consistently give opportunities and rewards to a certain type of person, and the organisation the opportunity to identify more systemic problems that require more wholesale change.It is both the large and small actions taken by both individuals and organisations that will support the momentum to widespread change.

Whilst The Fawcett Society’s campaign draws attention to the issue of equal pay every year and with many organisations now reporting their gender pay gap there is progress. But as this year’s data shows the progress is frustratingly slow. The truth is a large gap still remains and there is more work to be done to ensure equal pay for all and not just for women working within financial services.

To find out more about The Fawcett’s Society Equal Pay Day campaign click here.