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News Release from: Chartered Management Institute | Subject: Survey results
Edited by the Processingtalk Editorial
Team on 05 September 2007
Females resign despite rapid promotion
and bonuses
Female resignations hit a new high in the engineering sector despite generally receiving rapid promotions and better bonus pay-outs than men: women are nearly twice as likely to receive a bonus
The figures, from a survey of 42,205 individuals, show that women are more likely to receive a bonus in the sector, but female pay rises have stalled for the first time in more than a decade The findings, released by the Chartered Management Institute and Remuneration Economics, show resignation rates amongst women in the engineering sector stand at 6.5 per cent, up from 2.8 per cent last year
This article was originally published on Processingtalk on 13 Dec 2007 at 8.00am (UK)
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The survey also reveals that resignation rates are lower amongst men in the sector (6.1 per cent), ensuring continuation of the recent trend that sees women more likely to quit their jobs.
Fewer women (2.6 per cent), than men (3.7 per cent), are also inclined to ask for 'internal transfers' if they are dissatisfied with their current role.
Now in its 34th year, the National Management Salary Survey reveals that, compared to other sectors, women in the engineering sector are amongst the most likely to resign.
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Female resignations are highest in the retail sector, where they have doubled to 11.7 per cent, over the past year.
In regional terms, women in the North West are the most likely to leave their jobs, with female resignation rates in the region at 9.2 per cent.
Loyalty to employers is highest in Scotland, where only 4.9 per cent of women resigned in the twelve months to January 2007.
These findings come, despite women enjoying faster career progression than their male colleagues.
At 37 years old, the average female team leader is 5 years younger than her male counterpart.
Aged 40, female 'department heads' are 3 years younger than their male equivalent.
The age gap expands in more senior roles as, at an average age of 44, women still achieve director roles quicker than men (age 48).
Although bonuses play less of a role in overall 'take home pay' than in previous years, more women (64.1 per cent) are receiving one-off payments than men (36.8 per cent).
They are, however, more likely to receive a bonus in the pharmaceutical sector (83.2 per cent) than any other in the UK.
Yet, despite rapid promotion and a higher incidence of bonus payments, the survey reveals that efforts to redress the pay gap have begun to stall.
Bonuses are only worth 5.6 per cent of total female income in the sector, compared to 19 per cent, for men.
At GBP1737, actual value is also 83.1 per cent lower than the amount received by men (GBP10,289).
There is also a GBP2205 difference in overall take home pay amongst female and male managers in the sector.
Jo Causon, director, marketing and corporate affairs at the Chartered Management Institute, says: "It is clear that the pull of promotion is not being matched by parity in pay.
Despite the weight of legislation and the reality that reward should match responsibility, gender bias seems to be getting worse, not better".
The findings come alongside evidence that the proportion of women as part of the UK workforce, continues to grow.
This year's survey shows 35.7 per cent of managers and directors are female, compared to 31 per cent, last year.
Val Lawson, chair of the Women in Management Network, says: "The fact that the proportion of women in senior positions continues to grow is encouraging, but their increasing likelihood to resign is a cause for concern.
If employers allow this trend to continue the knowledge gap in UK organisations will be exacerbated at the very time we are trying to challenge the skills crisis".
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