Why addressing the gender pay gap matters – the business case in statistics
Closing gender gaps in work could add £150 billion to the UK GDP by 2025. That’s 6.8% higher than business as usual, or the rough equivalent of current annual GDP across the UK’s entire financial services sector, or current annual government expenditure on education, defence and transport.
Source: McKinsey, The power of parity: Advancing women’s equality in the UK, 2016
Under-utilisation of women’s skills costs the UK economy between 1.3% and 2% of GDP every year. Eliminating the full-time gender pay gap would contribute £41 billion of additional spending to the economy each year.
Source: UK Commission for Employment and Skills (UKCES), 2015
85% of women who are millennials say an employer’s policy on workplace diversity and workforce inclusion is important when deciding whether or not to work there.
Source: PwC, The female millennial: a new era of talent, 2015
42% of women are confident that their gender will have no bearing on their career progression, compared to 72% of men.
Source: The 30% Club and KPMG, The Think Future Study, 2015
The proportion of female employees decreases with seniority in two-thirds (67%) of organisations.
Source: CIPD, Gender diversity in the boardroom: Reach for the top, 2015
Although representation of women in both Non-Executive and Executive appointments has improved in the FTSE 100, the number of Executives who are women remains low at 9.6%.
Source: Women on Boards (Davies Review), Improving the Gender Balance on British Boards, 2015