It’s time we close the Gender Pay Gap (Guest Blog by FDM Group)
An estimated USD 13 trillion could be added to global GDP by 2030 if the right steps are taken now to promote gender-parity improvements and bring more women back into the workforce. If there’s ever been a doubt about the merits of greater female representation in the workforce, this stat makes a solid case in its favour.
FDM has always championed the cause of bringing more women into the workforce – particularly in sectors like tech where they have been historically under-represented. From our Returners programme, with a 75% female intake, to our Apprenticeship programme which has 50% female apprentices we provide an equal footing for women to launch their careers in competitive industries that recognise their skills.
In May 2022, a group of women enrolled on our new Tech Returners Programme and received intensive training in current and emerging technologies before being placed with leading financial services and tech companies.
FDM’s first all-female cohort of tech returners reflects our commitment to help women reintegrate into the workforce and achieve financial stability. Even internally, we have been consistent in our efforts to close the gender pay gap. Our work around gender equality is taking place on a global scale, with 31% of all our employees identifying as women.
Gender Pay Gap
The UK government defines gender pay gap as the difference in average hourly wage between men and women in an organisation. It explains that if more women are employed for less well-paid roles than men in a company, the pay gap will be bigger. Since 2017, businesses with over 250 employees are legally required to publish their gender pay gap report.
According to 2022 UK government data, the gender pay gap across the UK is 14.9% in favour of all male employees. In comparison, FDM is proud to announce a -4.3% median pay gap and a -5.2% median bonus pay gap for 2022. This means our median female employees fared better than their male peers. Further, 83.3% of our male employees received bonus pay as compared to 84.2% of females. Read our full 2022 Gender Pay Gap Report.
At FDM, our commitment to promote gender equality is most evident in our Returners Programme.
FDM Returners Programme
Over 370 people in the UK have restarted their careers on our Returners Programme, now in its 7th year. According to a study by PWC, three out of five women returning to the workforce will move to a lower skill role. A lower skill role immediately reduces their earnings by a third.
Haripriya Alluri joined the FDM Tech Returners programme in May 2022. She spoke of the challenges she faced trying to get back to work.
‘Even though I have proven experience in the IT Production Support roles, there was no consideration for women with career breaks. But the FDM team had believed in us and built up our confidence, proving that we bring some value with our past experience.’
The aim of the Returners Programme is to create equal opportunities for women regardless of the duration of their break.
Balancing Work and Home
According to a Fawcett Society Report, 35% of women said they were prevented from working due to a lack of affordable childcare. The report includes several recommendations for the government to help more women join the workforce. Some of these include better Gender Pay Gap reporting, banning employers from asking salary history questions during interviews and providing affordable childcare options.
The FDM Commitment
At FDM, diversity runs in our DNA. We believe diversity drives business success. But true diversity can only be achieved when all employees regardless of their gender, race, abilities, sexuality, faith, nationality feel equally respected and valued for their work.
We have recently ranked 48th within the top 75 UK organisations dedicated to social mobility in The Social Mobility Foundation’s Employers Index for the fourth year running. The award is in recognition of our ongoing commitment to accelerating social mobility in tech and creating an inclusive environment for all.
Whilst we are proud to have received the honour, we acknowledge that there is still a great deal more to do. We are continually working towards doing better – from our many support networks to our employee assistance programme – and are committed to closing the gender pay gap one step at a time.