Small Business Spend Management Solution Provider, spend deskfound that progress towards true pay equity remains slow and the gap between men and women in the same finance professions remains wide.
Spenddesk collaborated with the global financial community CFO Connect, analyzes the salaries of corporate finance leaders at all levels in Europe and the US. The study found that the average salary across the US Treasury was £167,030, almost double the European average of £87,813. Meanwhile, the UK’s average of £105,604 was the highest in Europe.
Wage inequality remains a major problem in the UK. Women in the same financial role earn about 23% less than men. This figure is 7% lower than her 2022 figure (30%), but highlights that pay equity in the UK lags further behind other countries with lower inequality.
In Europe and the United States, equal pay is still a long way off. In total, women in these regions earn an average of 12% lower earnings than men, an improvement of 1% since her 2022 survey in Spenddesk. This discrepancy is also reflected in job satisfaction, with two-thirds of men feeling well-paid compared to 59% of women.
The pay gap varies by role, with more closely aligned senior positions. For example, the average salary for female Chief Financial Officers (CFOs) in Europe and the United States is £121,241, while the equivalent average salary for men is £122,870, a difference of only 1.3%.
In contrast, at the mid-level, female treasurers earned 6.1 per cent more than men, reversing the pay gap, £84,823 (women) to £79,660 (men). It’s becoming
Discover the impact of the economy on mental health
73% of financial industry leaders feel the current economic climate is affecting their mental health. However, only 6% said the impact was significant.
The Spendesk survey also found that the current economic climate seems to affect women (80%) more than men (70%).
German financial experts were the most confident, with 37% of them saying their mental health was “not at all affected” by the current economic climate. The UK was the most affected region, with 81% of financial professionals found to be affected in some way.
Rodolphe AldanThe founder and CEO of Spenddesk said of the findings: This should be a concern for all companies. More decisive action is needed to achieve true pay equity. When employers fail to ensure adequate and fair compensation, they risk losing their best talent, thus jeopardizing the growth and survival of their business.
“We are also seeing a real mental health impact on financial professionals right now amidst years of economic uncertainty. It is time for companies to recognize the importance of pay equity and mental health and take concrete steps to promote a healthy and inclusive work culture. is coming.”