Equal Pay: Closing the Gender Pay and Pension Gaps

At C&C Search, we believe in an equal playing field for all, whether through recruitment, career support or advocacy for workplace equality. As we observe International Equal Pay Day this week and Pensions Awareness Week last week, it’s essential to not only highlight the gender pay gap but also another pressing issue, the gender pensions gap. This often-overlooked disparity impacts women’s long-term financial security, particularly in industries where personal assistants (PAs), executive assistants (EAs) and support staff play vital roles.

The Gender Pay Gap: Progress, but Still Work to Be Done

While there has been some progress in closing the gender pay gap, inequalities remain. For instance, in the Department for Work and Pensions (DWP), the mean gender pay gap in ordinary pay fell to 5.5% in 2023—a positive trend, but still reflective of broader imbalances. Encouragingly, the DWP reported no median pay gap, showcasing that pay equity is achievable in certain environments. However, the mean gender bonus gap, though reduced, remains at 11.9%.

The Gender Pensions Gap: A Growing Concern

One of the most critical aspects of gender equality that we need to address is the gender pension gap. In 2021, the total annual contribution to workplace pensions for eligible men was £62.6 billion, compared to £52.0 billion for women. This equates to a 17% pension gap—greater than the gap in employment rates between men and women. Although 89% of eligible women participate in workplace pensions, slightly higher than the 87% of men, they are still saving significantly less.

At C&C Search, we understand that financial wellness is key to career satisfaction and long-term security, whether you're a PA, EA, or in any other business support role. The gender pension gap reflects the impact of pay disparities, part-time work and career breaks, all of which disproportionately affect women.

What Contributes to the Gender Pensions Gap?

•⁠ ⁠Lower Lifetime Earnings: Women continue to earn less than men on average across various sectors. In recruitment, we aim to bridge this gap by advocating for fair pay in roles such as PAs and EAs, where women are often the majority. Still, the lingering pay gap contributes to lower pension contributions over a woman’s career.

•⁠ ⁠Career Breaks and Part-Time Work: Women are more likely to take career breaks for caregiving responsibilities or work part-time, reducing their ability to contribute to pensions consistently. While flexibility is essential, it shouldn’t come at the cost of future financial security.

•⁠ ⁠The Impact of Bonuses: Even where the ordinary pay gap has narrowed, bonuses remain a challenge. The DWP’s mean bonus pay gap stands at 11.9%, illustrating how bias in performance-related incentives can widen the gender pensions gap further.

The Recruitment Industry’s Role

As recruiters, we at C&C Search know that our role extends beyond filling vacancies. It’s about empowering individuals—especially women—to thrive throughout their careers. By pushing for equal pay and supporting women in their career growth, particularly in PA and EA roles, we can help close both the gender pay and pension gaps.

Here’s how we can make a difference:

1.⁠ ⁠Advocating for Fair Pay: Ensuring that all candidates, regardless of gender, are paid equally for equivalent roles.

2.⁠ ⁠Encouraging Long-Term Financial Planning: Promoting financial literacy and the importance of pension provisions can help women make more informed career decisions.

3.⁠ ⁠Flexible, But Fair: While offering part-time and flexible roles is important for work-life balance, we must ensure these roles don’t penalise women financially in the long term.

The Path Forward

While International Equal Pay Day is a reminder of the progress we’ve made, it’s also a call to action. At C&C Search, we are committed to advocating for equal opportunities for all, whether we’re recruiting for PA jobs, EAs, or business support staff. Bridging the gender pensions gap starts with addressing inequalities today—ensuring women are paid fairly, offered flexible yet financially secure opportunities and supported throughout their careers.

By working together, we can ensure that women aren’t just thriving in the workforce but are financially secure for the future. Let’s close the gaps, one step at a time.

SOURCE:

The UK Government Official Statistics, ‘The Gender Pensions Gap in Private Pensions,’ June 2023

The UK Government Official Statistics, ‘Transparency data DWP gender pay gap report 2023,’ November 2023

To reach out to us for:

EA/PA, HR and Business Support recruitment –philippa@candcsearch.co.uk

Or for our keynotes, training, workshops, and group coaching –lucy@candcsearch.co.uk

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