LONDON, UNITED KINGDOM--(Marketwired - Feb. 4, 2014) - We understand that figure equates to some 600 women who will be promoted over the next 6 years. One is bound to ask why it takes 6 years to promote 600 women into senior roles in the Bank but only 3 years to shed 40,000 staff?
What About Equal Pay?
Whilst we welcome the commitment from the CEO the evidence seems to show that even when men and women are doing roles of equal value in the Bank, women are invariably paid less than men.
The graph below, which is based on the latest pay data provided by the Bank, shows that in the lower parts of the salary range women are paid more than men but when you get higher up the range the position reverses. In fact, from 90% of the salary range onwards men start to get paid more than women for roles of equal value and we believe those differences are statistically significant.
But that graph just confirms the research, which we published last year which showed that:
- Of the 98 individual grades we looked at across 11 business units in the Bank we identified pay gaps of 3%+ in 42 grades between the average salaries of male and female members of staff.
- From those 42 we identified pay gaps of 5%+ in 28 grades. In Retail Banking, for example, the differences at Grade E and F were 17% and 10% respectively.
Equal Pay Audit Now
We've asked before for an independent audit of the Bank's approach to equal pay issues but it's refused to carry one out, it argues, because it doesn't believe there are any issues with the Bank's approach to pay.
LTU believe that such an audit is long overdue and if the Bank has got nothing to hide then it should carry one out immediately. We'll wait and see.
Mark Brown, General Secretary at LTU, has said:
"Whilst we welcome the commitment from the CEO, the evidence shows that even when men and women are doing roles of equal value in the Bank, women are invariably paid less than men.
The CEO needs to focus his attention on ensuring those women who are promoted, and all women across the organisation, are treated equitably when it comes to pay. It's simply about common justice and focusing on promotions whilst ignoring pay issues does nothing to further the interests of women in the Bank."
About Lloyds Trade Union (LTU)
Lloyds Trade Union (LTU) is the largest independent trade union representing staff working in the Lloyds Banking Group, with over 40,000 members. In large parts of the Bank, LTU represents over 85% of all managers and staff.
Mark Brown, General Secretary
To view the graph associated with this press release, please visit the following link: http://media3.marketwire.com/docs/LTU-Graph.jpg.