Top female executives still earn one-fifth less than their male colleagues, despite working longer hours, according to a report by the Institute of Directors.
The IoD reports that the pay gap at the top of the corporate ladder has shrunk from 25% to 19%, but women are still earning significantly less than men in the same roles.
Interestingly, women work longer hours – 51.25 hours a week compared to 50 hours in medium and large firms, and 57 hours compared to 55 hours in larger companies. This belies the argument that women’s pay packets suffer because they spend less time on the job thanks to family commitments.
A female director now earns an average of £60, 000 compared with the average male director’s basic pay of £74, 028.
The biggest gaps appeared in the private services and voluntary sectors where female pay was 25% below that of their male counterparts.
In the private sector, this means an average salary of £55, 000 for a female director compared with £74, 440 for a man.
In the voluntary sector the average salary for female directors was £47, 840 compared with £64, 500 for a male director.