Women are getting promoted more quickly than men, but are more likely to resign, according to figures released by the Chartered Management Institute and Remuneration Economics.
The findings, which form part of the 32nd annual National Management Salary Survey, also reveal increasing gaps in pay in the engineering industry, despite ongoing calls for equality and transparency.
The survey of 20,989 individuals employed in over 200 organisations shows that the average female team leader is 37 years old, compared to an average age of 41, for men. At £39,912, female managers in the engineering industry are earning £4,408 less than their male counterparts, a 9.9 per cent shortfall.
The research also shows an average earnings increase of 2.8 per cent for women managers in the engineering industry, compared to a national average rise of 5.3 per cent. Despite the pay rise, according to the latest figures, women managers in the engineering industry have fallen two places, to eighth, in the female earnings league table.
Those working in the utilities sector have benefited from the largest average rise: an increase of 37.2 per cent on last year’s earnings of £37,650. Women also earn more, on average, in IT, than their male colleagues – £45,869 compared to £45,090 – and for the third year running women managers working in a research and development role are earning more than men (£41,954 against £40,904).
This year’s survey shows that womens’ salaries are increasingly being supplemented by bonuses. At senior executive level, for example, female managers are receiving larger bonuses – £2,302 compared with £2,039 – than male managers for the first time since the survey began in 1974. However, the bonuses paid to women represent a lower proportion of the overall remuneration package, worth an average of 10.4 per cent of their salary, compared to 13.7 per cent, for men.
Yet despite the lack of parity in pay, the number of female managers continues to grow. At 33.1 per cent the level of women in management roles has trebled in 10 years. Women also account for 14.4 per cent of directors and at team leader level, women now represent 36.9 per cent.
However, in a repeat of the results of recent surveys, the total labour turnover rate for female managers is greater than that for men at 9.5 per cent compared to 6.5 per cent. Within this, 3.9 per cent of women are also more likely to resign than their male colleagues.
According to the latest figures, in regional terms, women in the
Paul Campfield, director of Remuneration Economics, comments: “It is encouraging to see that the number of female managers continues to increase, but it is worrying that they are still more likely to resign. The implication is that female managers still face difficulties in the workplace and organisations should address these quickly, because unchallenged these problems will demotivate and disrupt with the end result being poor performance and productivity levels.”