The gender pay gap for around 3.3 million managers in the UK is £3,000 more than previously reported, according to analysis from the Chartered Management Institute (CMI) and XpertHR.
Based on a report of 118,385 managers from 423 organisations over the past year, the gender pay gap stood at 26.8% – up from 23.1% the previous year. The average male manager was earning £11,606 a year more than female managers.
Reporting regulations came into effect in April 2017 where employers with 250 or more employees are obliged to publicly disclose the size of their gender pay gap. Just 72 out of 7,850 organisations in the UK have fulfilled their obligations under current legislation.
Of those 72 organisations, the pay gap between individuals in director-level positions widened to £34,144. Male directors earn an average of £175,673 in comparison to female directors, who earn an average of £141,529.
In terms of bonus payments, the gender bonus pay gap among all managers was at 46.9%. This increased even further at CEO level where a male CEO receives an average bonus of £89,230 compared to £14,945 for woman CEO – a gap of 83%.
Ann Francke, chief executive at CMI, said: “Those extra perks of senior management roles are creating a gender pay gap wider than previously reported. The picture is worse at the top, with male CEOs cashing-in bonuses six times larger than female counterparts. It’s time for more companies to step up and put plans in place to fix this issue. It’s essential if UK companies are to survive and thrive in the post-Brexit world.”