UK gender pay gap narrower than US

The gender pay gap in the UK real estate industry is less than that in the US and Canada. According to a new survey by CREW Network, the gender pay gap in the US commercial real estate industry stands at 20%, rising to 25% in Canada. According to CREW the UK’s gender pay gap stands at 9.1%. There are now more than 80 countries that have some form of equal-pay-for-equal-work legislation in effect, while approximately 24 have some sort of mandatory reporting requirement. CREW has published a white paper that looks at best practices of companies that have achieved – or nearly achieved – pay parity, including Wells Fargo, Adobe, Salesforce and Starbucks. Key points from the white paper include: Women and men on the executive level appear to be negotiating their salaries equally, according to global consulting firm Korn Ferry. When it comes to recruiting top-level executives for the largest organisations, most candidates seem to have outside guidance on the offer. If executive-level men and women are negotiating their salaries equally, the nearly 30% pay gap in the commercial real estate “C-suite” could indicate that women are starting from lower offers and basing negotiations on salary history rather than their skills, abilities, and experience. Closing the pay gap could be determined by unconscious bias and how employers react to women’s increased and improved compensation negotiations. Harvard research found that for women, sometimes it does hurt to ask for more. In a series of experiments, evaluators penalised women more than men for initiating negotiations. The white paper provides tips and action items for employers to overcome this bias and for women to navigate negotiation. Pay data is more accessible than ever through technology. Korn Ferry finds that many women are open to sharing their compensation information with other women, especially when they’re in similar positions or markets. Companies that have achieved pay parity agree that it’s not a one-off event and must be evaluated annually and reviewed on an ongoing basis. Crew chief executive Wendy Mann said: “Research shows we are making progress, however pay parity cannot be achieved without consistent, continuing efforts from all of us –and it starts with company leadership. “Understanding and committing to best practices today will help us progress to parity. The time is now. “Parity and diversity and inclusion are clear business advantages, and CREW Network is at the forefront working with commercial real estate leaders to move the needle forward, and ultimately, strengthen the industry.” To send feedback, e-mail david.hatcher@egi.co.uk or tweet @hatcherdavid or @estatesgazette