Women managers are closing the gender pay gap on their male counterparts and are gaining promotion at a younger age – according to a joint study by the Chartered Management Institute and salary survey firm Remuneration Economics.
The National management salary survey polled nearly 21,000 managers from 200 organisations and charted an average earnings increase among women of 5.3%, against 4.9% for men. It is the ninth successive year that female earnings growth has outperformed men.
Overall, women managers now make up 33.1% of management positions, a figure that has trebled in the past 10 years. The average woman manager was 37 years old, compared with 41 for men but they earned less (£36,712) than their male counterparts (£39,386). They are also more likely to resign, with labour turnover of 9.5% compared to 6.5% for men.
Although an average female department head earns £76,402, the pay gap still exists with men in the same job earning £80,459.
At director level, where women make up 14.4% of all positions they earn an average of £22,144 less than men.
For the first time since the survey began in 1974, junior women managers took home a bigger bonus (£2,302) than men (£2,039). But that represented a larger proportion of their pay, at 7.8% of total salary compared to 6.2% for men.
To order a copy of the survey, which costs £360 for participating organisations and £700 for non-participants, contact Remuneration Economics on 020 8549 8726