Do men get paid more than women?

Almost half of Singaporeans believe that gender influences income levels, particularly in higher-powered positions.

According to a new survey from eFinancialCareers, almost half (47%) of surveyed finance professionals in Singapore believe that gender influences income levels in the financial services sector.

Gender income inequality more apparent at the top
According to the survey, the male-female income disparity appears more prevalent in higher-powered positions. When asked whether remuneration was equal for men and women in top managerial position, more than four in 10 (45%) of survey respondents didn’t agree. However, this drops to 30% when asked the same question about entry level positions.

However, respondents believe progress is on its way. Four in 10 (41%) respondents believe the existing income gap will narrow and six in 10 (62%) expect more women to fill top positions over the next five years.

Results from the survey also shows that men are believed to be more competitive: over half of those surveyed (54%) believe that men are more likely to put themselves forward for promotional opportunities, which could be a reason why there are more men in top management positions.

Apart from income disparities, gender discrimination does not seem to be commonplace in Singapore.

Six in 10 surveyed respondents (60%) say they have never experienced any gender discrimination in their workplace. A similar proportion of respondents (58%) does not think gender is a barrier to success in the finance services industry, and over two-thirds (68%) claim they have never sensed a gender bias in the recruitment process.

“Singapore has always been a country that has emphasized the need for gender diversity in the workplace and it is not surprising that finance companies here honour that guideline and aim to provide equal opportunities for both men and women,” said George McFerran, Head of Asia, eFinancialCareers.

“However, it would be foolhardy to assume that just because discrimination is not apparent, it doesn’t exist at all. Financial institutions should always promote gender diversity programmes to allow for greater integration of the sexes. At present, a quarter of our Singapore respondents are not even aware if their companies have an explicit gender diversity programme or targets, and over half (53%) say their firms don’t have such programmes or targets at all.”

Low take-up of flexible work arrangements
Despite the wide availability of flexible working arrangement options, such as maternity/paternity leave, unpaid personal leave, more than half (52%) of the survey respondents say they have never applied for a flexible working arrangement. The two main reasons cited for the low take-up rate are that people don’t apply for these options because they fear that it would look bad on them, and that companies have not implemented the correct policies.

“FWAS was set up ten years ago as a network for women to find support and access self-development opportunities and we have seen several changes over this course of time,” commented Emma Boyd, FWA Networking Chairperson and Survey Coordinator.

“People don’t expect to be successful without showcasing a certain degree of competency in their profession and what is really interesting is that in this mixed-gender survey, we had more male respondents than females, many of whom agreed that income discrimination exists and that it is easier for men to get ahead. The good news is that the financial industry seems to be committed towards changing both attitudes and practices. By implementing a change in the delivery of flexible working options, it will positively impact staff at all levels and reiterate that the industry is serious about making a difference. Cultural and attitudinal change will take a longer time to become a reality, and we continue to be optimistic about the future,” Boyd added.