FSU Submission to Public Consultation on Tackling the Gender Pay Gap
Issued : 5 October 2017
Transparent reporting and a strong trade union voice are critical elements in tackling the gender pay gap according to the Financial Services Union.
Speaking about the Union’s submission to the Department of Justice consultation on the gender pay gap, General Secretary, Larry Broderick, said, “The gender pay gap is a very tangible example of inequality in the workplace. This is a major issue for our Union and our members particularly as recent research* indicates that the financial services sector has the highest gender pay gap in Ireland, standing at 29%.
“In our submission we called for a number of specific actions to tackle the gender pay gap. We fully support the current legislative proposals to require companies with 50 employees or more to regularly conduct and report on the gender pay gap. The old adage, ‘what gets measured, gets done’ is very relevant in tackling this vital issue.
“We also believe that a strategy to tackle this issue has to emphasise the value and effectiveness of trade union membership. Workers in unions have better pay and terms and conditions than their colleagues in non-unionised employments. Indeed independent analysts, such as the Economic Policy Institute, clearly highlight the crucial role that unions are playing in promoting pay equality. We looking forward to working with our colleagues in the trade union movement and other stakeholders to clearly communicate this important message.”
The FSU submission also contained a number of recommendations specific to the financial services industry. These included:
- Transparent salary ranges, pay scales and career progression structures in financial institutions;
- Pay reward models to focus on educational qualifications, developing skill sets and customer-focused objectives rather than individual sales orientated performance targets;
- Comprehensive internal training and development supports to encourage all staff to progress and to tackle traditional stereotyping.
According to Larry Broderick, “The banking and financial services sector has a long road to travel in tackling the gender pay gap. In recent months we have seen how the publication of gender pay analysis in major media organisations is driving change in the area. We need to see a similar spotlight shone on pay in the banking and financial services sector. One message is clear though – having the support of a strong, active trade union is a vital element in tackling the gender pay gap.”
The full FSU submission can be accessed at this link
*Morgan McKinley Gender Earnings Gap Ireland 20016 Report