Diversity in Recruitment: How Firms are Taking Measures to Close the Gender Pay Gap

Written by: Evie Courtier
Published on: 6 Sep 2022

Advocating for gender equality in the workplace is a challenge which remains prevalent across the finance sector. As the UK’s leading specialist accountancy and finance job site, GAAPweb remains committed to closing the gender pay gap and promoting gender equality across the finance profession.  

Women In Finance Charter

To champion efforts to promote gender diversity, GAAPweb have been a signatory of the Women in Finance Charter through their annual Women in Finance pledge since 2016, when the Charter was launched. The charter aims to empower productivity and harness the talents of women in financial services by tracking and promoting the representation of women in senior managerial roles in financial services. For 2022, the target is to maintain 50% gender diversity within the senior management team of Reach Work, the legal entity of GAAPweb. In addition, we have conducted a detailed exploration into diversity within the sector through our annual Salary Survey.  

This year, Women in Finance has reported that female representation remained flat at 33% for the first time since the charter began. The lack of progress resonates with our 2022 Salary Survey, demonstrating that despite female representation being higher than or equating to male representation in almost half of the surveyed job titles, including 52% of Management Accountant roles, 50% of FP&A Analyst jobs and 46% of Accountant positions, senior roles were still monopolised by male employees, including CFO’s (76%) and Finance Directors (75%). Our findings demonstrated that efforts to achieve equal gender representation were most notable within the mid-level finance and accounting roles, with those in senior positions suffering large pay disparities. Head of Finance roles demonstrated a £11,760 difference in average salary, whilst Finance Controllers had a £6,085 pay gap on average.  

To drive change, Women in Finance has placed a greater emphasis on recruitment practices. As highlighted within our salary survey, the average salary for male respondents stands at 20% higher than female respondents, with the average salary for male accountancy and finance professionals coming in at £74,830, compared to £59,844 for women. Taking an active role in gender diverse recruitment will allow firms to adhere to the Charter’s principles of setting targets, establishing accountability frameworks, and accessing progress to drive momentum across their initiatives. 

75% of firms are channeling efforts into a diverse recruitment drive, focusing on a range of practices:  

Diverse Interview Panels:  

  • One in six signatories have stated that they are addressing the diversity of their interview panelists, ensuring that under-represented groups are involved throughout the interview process.   

Targeted Training:  

  • Specific training for recruiting managers and resourcing teams is to be prioritised by one in eight firms. Equipping those within the recruitment process with the skills and incentives they need to deliver equal opportunities will be a mandatory practice.  

Accountability Frameworks:  

  • An accountability framework allows firms to evaluate the measures they need to take to close the gender pay gap. Having vetted members sit on interview panels helps to ensure that diversity and objectivity holds a prominent place in the decision-making process.  

The Strategic Approach:  

  • With one in seven signatories noting that they reviewed or are reviewing their approach to recruitment, it is reassuring to see that firms are taking an active role in monitoring the changes implemented to aid gender diversity.  

External Recruitment Partners:  

  • The use of external recruitment partners and job sites have been pushed by one in six signatories, to source diverse candidates and aid the overall target to level the gender pay gap. This practice combines well with a market mapping policy, to proactively identify and source female talent.  

  • Building the pipeline of female talent within each individual organisation is an essential measure to working towards the closure of the gender pay gap. Evolving practice has become more granular with organisations focusing on tracking the impact of their programmes implemented to aid gender diversity.  

More than a quarter of signatories discussed the programmes they have introduced to develop female talent, ranging from focusing on building networks to enhancing the understanding of an organization's culture and politics. Alongside this, 1 in 12 signatories have introduced programmes to encourage women back after a career break.  

  • To find out more about how GAAPweb can help you hire a gender diverse interview pool contact us on sales@gaapweb.com 0207 348 5010 

    Discover more insights into gender equality in the finance profession and the gender pay gap download our latest salary survey here.  

    We will continue to champion gender equality in the finance profession through sharing insights from our annual Salary Survey’s and working with the Women in Finance Charter.