Perceptions vary on pay discrimination
A survey by recruitment company eFinancial Careers sheds some fresh light on long-standing gripes about entrenched discrimination in the financial services industry.Sixty-four Australian-based finance professionals surveyed late last year by eFC claim that gender discrimination takes place in the industry.More than eight in 10 women surveyed (84 per cent) said that gender discrimination does exist in financial services, compared with 54 per cent of men. The eFC survey also found that 54 per cent of women felt they could not report gender discrimination in their firm without inviting some form of reprisal.Seventy-eight per cent of women think there is a gender pay gap in the finance industry, a view shared by a minority (44 per cent) of their male colleagues. Views on the severity of the problem differ in regard to the upper echelons of the industry.Just 12 per cent of the women surveyed think remuneration is equal for men and women in senior roles, while 48 per cent of men hold this view.Data from the Australian Bureau of Statistics shows the gap in average weekly earnings in financial services between men and women is A$623. In dollar terms, the gap has declined over the last year but remains above the long-term mean.Men, on average, earn 48 per cent more than women working in finance, a ratio that's improved since the mid-2000s.A separate survey, released in August by the Financial Services Institute of Australasia, found that 72.5 per cent of women did not think their organisation was transparent about pay parity, while 50.5 per cent of men thought their organisation's remuneration structures were transparent.The Equal Opportunity for Women in the Workplace Agency reported earlier this year that Australia's gender pay gap is 17.4 per cent. It said the financial services and insurance industry had one of the widest pay gaps of any industry.