The overall average gender pay gap is continuing to narrow but very slowly, according to the latest PwC analysis. Among companies that disclose their pay gaps each year, there has been a small decline of 0.3% from an average pay gap of 13.2% in 2020/21 to 12.9% in 2021/22.
That means, on average women in the UK earn 87p for every £1 men earn.
However, PwC said that since reporting began, five years ago in 2017, the mean gender pay gap has declined by just 0.5%. The median pay gaps indicates slightly more volatility with an increase from 9.2% 2017/18 to 9.8% in 2021/22.
Katy Bennett, Diversity and Inclusion Consulting Director, at PwC UK, said: “If the current rate of progress continues – so far achieving a 0.5% reduction over five years – the UK’s gender pay gap won’t disappear until 2151. A century – five more generations of women – is too long to wait. Businesses are facing a number of challenges but there is a massive opportunity to stand out from the crowd for those that take action, think bigger and experiment with new ideas.
“With one in five employees planning to quit their jobs in the next 12 months companies need to be doing everything they can to attract and keep talent. A large and persistent gender pay gap could get in the way of attracting and retaining talented people. The gender pay gap is an important metric when looking at issues facing women in work more broadly. You have to take a holistic approach to make a meaningful difference to pay gaps.”
