CEO Monthly Sept

CEO MONTHLY / AUGUST 2017 17 But when the analysis is based on the pay of more than 100,000 individuals in well over 400 organisations, it is clear that the pay gap is a very real fact of life for UK managers.” Pressure has been building on companies to not only follow the new regulations in disclosing gender pay, but also to publish an action plan detailing the practical steps they are proposing to close the gap. According to research published last year by management consultants McKinsey, closing the gender pay gap would add up to Latest On Gender Pay Gap Shows Bad News for Female Leaders g £150bn a year to the UK economy by 2025. But analysis by CMI show the scale of the challenge: with the economy needing 1.9m new managers by 2024, 1.5m would have to be women in order to achieve balance. Previous research from CMI in January revealed that four out of five managers had witnessed some form of gender discrimination in the workplace, suggesting a wider cultural shift needs to take place if the gender pay gap is to be closed. To help tackle these issues, CMI last year created CMI Women, a network that aims to achieve gender parity across the UK’s management population by 2024, and to help employers unlock more value in the UK’s workforce to address the productivity gap.