LONDON, Dec 15: Women working in financial services in London have much lower expectations for their annual bonuses than their male colleagues, reflecting the fact that they are less well represented in more lucrative jobs, a survey has found.
Women surveyed by recruitment firm Astbury Marsden expected on average to receive a bonus this year of just over 16,000 pounds ($24,340), or 21 per cent of their salary, while men anticipated bonuses of 33,000 pounds, or 34pc.
"The reality is that the sectors where there is a high reward culture are still male-dominated with women often making up a larger proportion of the non-commission earning side of businesses such as HR or marketing," said Adam Jackson, managing director at Astbury Marsden.
"Trading floors ... have a reputation for being largely a male environment and many women can be put off from applying to these types of roles," he said.
The survey also found that the gap in expectations was present at senior levels, with female directors and executive directors expecting bonuses half the size of those anticipated by their male counterparts.
The finding suggested that women's perceptions of their own value as well as their representation in different types of jobs were both factors.
The survey comes at a time when the British government is trying to improve productivity, one of the problem areas in the economy, through various means inclu?ding by raising female participation in the workforce.
According to an OECD estimate, gender equality in the labour market could increase British GDP by 10pc by 2030.
London is one of the main financial centres in the world and evidence suggests that the picture is similar elsewhere, with women under-represented and paid less than men in financial services globally.
Only 13pc of executive committee members and 4pc of CEOs at 150 of the world's major financial institutions are women, according to a 2014 report by consultancy Oliver Wyman. ?Reuters