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New study highlights gender pay gap for black women in finance, professional services, and big technology

Makbool Javaid, Partner - Simons Muirhead & Burton

A new report, produced by The Inclusion Initiative (TII) at the London School of Economics and Political Science shows that black women continue to be underrepresented in leadership roles across the UK workforce. 92% of the women interviewed called for systemic change within their workplaces.

Black women experience the largest pay gaps when compared to non-Black women and men, as well as Black men (Almeida et al. 2021). The same study highlights that these gaps are the largest in finance, professional services, and big technology.

TII created the TRANSPARENT framework, a new framework to create organisations that are inclusive of Black women in Finance, Professional Services and Big Technology. Embedded within the TRANSPARENT framework are a series of actions that finance, professional services, and big technology firms can carry out to create a culture inclusive of Black women. Almost three-quarters of women (74%) mentioned feeling included in their team as a theme.

TII therefore recommend beginning with Team Culture (T) to provide a sustainable and robust foundation upon which other developments can be made. Within Team Culture, having team leaders inclusive of Black women is the biggest priority. The team leader can create psychologically safe environments free of microaggressions and racism, allocate opportunities without favouritism, and be a fair gatekeeper to ratings, promotions, and bonuses. Following the implementation of changes to Team Culture, other elements of the TRANSPARENT framework themes can be implemented.

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