Ahead of International Women’s Day, HR platform HiBob has unveiled the results of its third annual UK Women Professionals in the Workplace survey.
The study, encompassing 2000 full-time employed individuals aged 25 and older, sheds light on the financial landscape for women in the UK and provides a comprehensive analysis of gender dynamics in the modern workplace.
A recent study by investment firm Shepherds Friendly projects a substantial financial gap of £10,362 for women in the UK by 2030 if they invest 7.5% of their earnings. The HiBob survey aligns with this concern, highlighting the urgency to address financial disparities as women navigate their professional careers.
With 59% women and 41% men among the 2000 respondents, the survey delves into hybrid and in-office work environments, exploring aspects such as pay, promotions, benefits, and leadership. The initiative aims to contribute valuable insights to the ongoing discourse on gender equality and workforce dynamics in the UK professional landscape.
Key Findings and Takeaways
1. Double Whammy for Women in Promotions and Pay Raises
Despite a stable perception that women are promoted equally to men (62%), the reality of promotions with pay increases has experienced a decline. In 2023, only 30% of women received pay raises, compared to 34% of men. Alarmingly, women constituted the majority of those promoted without salary increases, indicating existing disparities in promotions and pay increases.
2. Confidence and Challenges in the Workplace
While overall confidence levels have risen substantially, with 93% expressing confidence, challenges persist. Data shows a concerning gender disparity, as 79% more women than men reported feeling less qualified at work due to their gender. These findings underscore the importance of creating an inclusive work environment.
3. Work-Life Balance Optimism with Lingering Concerns
Positive trends in work-life balance are evident, with 46% expecting it to remain unchanged in 2024. Optimism for improvement is expressed by 22%, with almost two-fifths being women. However, 14% anticipate a deterioration in work-life balance, and a significant 62% of this group are women, highlighting potential challenges ahead.
4. Workplace Dynamics in 2024: High Job Retention and Shifting Priorities
In 2024, job retention is strong, with 74% intending to stay with their current employers, marking an increase from the previous year. Women constitute a significant majority at 58%, demonstrating dedication to their workplaces. Factors influencing job changes include a desire for pay increases, particularly notable among women, flexible work conditions, and job security.
Concerns about pay parity persist, with 66% believing men and women are paid equally. Additionally, only 1% believe women are paid more, indicating the persistent pay inequality favoring men. The lack of transparency in salary information is evident, as 29% state their organizations do not publish such information. Awareness of women-specific benefits is growing, with 27% unsure, down from 30% the previous year. Challenges remain, as 20% report their companies do not offer such benefits. Workplace attitudes are also evolving, with 36% claiming not to experience a specific attitude towards women, though 33% gauge attitudes based on the visibility of women in day-to-day operations.
Conclusion
As the workplace evolves, these insights into the professional landscape for women emphasise the need for concerted efforts to bridge gaps in promotions, pay raises, and gender-based challenges. The findings contribute to the ongoing dialogue on fostering gender equality and creating an equitable professional environment for women in the UK.
