· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:
🗞️ Driving the news: Women now constitute a smaller proportion of top earners in British financial and professional services than before the COVID-19 pandemic, according to research from the London School of Economics and Political Science (LSE)
• Their share fell to 19.4% of the top 1% of earners between Q1 2020 and Q2 2023, down from 19.7% in the previous three years
🔭 The context: The pandemic has seemingly stalled the advancement of women into the highest-earning positions, exacerbating the gender pay gap in these sectors
• Some top UK financial firms report that women earn on average 28.8% less than their male counterparts
🌍 Why it matters for the planet: Gender diversity in leadership is linked to better business outcomes and more sustainable practices
• The decline in women reaching top financial roles could hinder progress towards equitable and inclusive economic growth
⏭️ What's next: Addressing this regression requires a significant shift in recognizing the value of diversity in business
• Companies may need to adopt more proactive measures to support women's career progression
💬 One quote: "We are going backwards, but I am not surprised. For progress to be made, there needs to be a bigger shift towards recognising that diversity is good for business," said Grace Lordan, associate professor at LSE
📈 One stat: Women made up 28.3% of the top 10% of earners from Q1 2020 to Q2 2023, a 2.5% increase from the previous period.
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