“Studies have again and again shown that an organisation’s success and competitiveness depend on its ability to embrace diversity,” says Sabrina Bonnet, senior manager, management consulting, people & change at KPMG Luxembourg in a recent blog post.
She continues saying, “Companies today spend a lot of money and time on workplace diversity and outreach programmes,” and, according to KPMG’s remuneration survey, 52% of financial institutions in Luxembourg have a diversity policy in place, as of 2017.
Yet, Bonnet also remarks that, despite this, the gender gap in Luxembourg still persists and, “…women still earn less than men, and are less likely to advance as far in their careers.”
Although Luxembourg has made significant progress in terms of gender equality in education, health and female workforce participation, “…women working in information and communication technology, finance and personal services are generally paid less than their male counterparts.” In this, Luxembourg is in keeping with other OECD countries, where in 2014 the gap in these industries was 22.1%, 22.8% and 23.9% respectively.
Bonnet referred to the KPMG remuneration survey, where 80 organisations participated in around 18,000 data points and, “found the gender wage gap to be alive and well.”
“Across all functions and hierarchy levels, women earned 29% less than men (the average total package being €87,654 for women and €113,434 for men),” the survey revealed.
In her expert blog, Bonnet concludes, “…achieving equality still seems to be difficult. Given the high returns and proven benefits of doing so, however, it is highly worth doubling your efforts to get there.”