IA highlights gender pay gap industry initiatives
Official reporting postponed due to Covid-19
Tackling the gender pay gap is still a high priority for the industry despite reporting requirements being postponed due to the Covid-19 pandemic, the Investment Association (IA) said.
The comments coincide with the IA's publication of its Addressing the Gender Pay Gap: Industry Initiatives report which details steps companies are taking to tackle the ongoing problem with salaries between the sexes.
The report outlines three areas - attraction and recruitment, retention and advancement and measuring and monitoring - where firms can do more to address the gender pay gap.
It also offers practical industry solutions for organisations to consider.
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IA chief executive Chris Cummings said: "During these difficult times, investment managers like many firms have rapidly and successfully moved to agile working.
"We know firms that embrace a flexible working culture are more attractive to a greater diversity of people, so we must build on this success and continue to embrace this flexibility as we recover from this crisis."
He added: "This flexibility will also help address our gender pay gap. While closing the gender pay gap won't happen overnight, our industry is not slowing down its efforts to tackle it.
"We know more must still be done, but the positive actions like the ones outlined in our new report will go some way to addressing, and ultimately closing, the gender pay gap."
The report suggests firm implement diversity policies for the recruitment process and help ensure the industry is known and understood by the public.
Introducing policies and programmes that act as incentives for women to stay within a company, such as flexible parental leave options, returner programmes and female networking groups.
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And improving understanding of where the industry currently is in terms of its gender pay gap - and where it wants to be.
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