Gender pay gap is a 'big issue'

Businesses are not doing enough to tackle gender inequality, according to the World Economic Forum's Corporate Gender Gap Report.

The report found that there are still few females in senior management positions, with female employees mainly found in entry or middle level positions.

However, Norway is an exception to the rule, where there is a government regulation stating that boards of directors for public companies must contain at least 40 per cent of each gender.

Steve Williams, head of equality at ACAS, said the gender gap in UK employment is still a "big issue".

He said society still sees caring responsibilities, such as looking after children, as a role done by women. As a result, more women work part-time hours and research illustrates that part-time work is often lower paid than full-time.

Other factors also contribute to the pay gap, Mr Williams added, resulting in it being a "multi-faceted issue".

For more information on Financial Services visit our Financial Services section.