Media and Communications Manager
In a busy economy employees want to know that as they climb the career ladder they will be fairly compensated according to their skills. Yet, Agency data shows that choosing where to aim their efforts is a tricky task for women, as top tier female managers face varying pay gaps in different industries.
So which industry should women with their eye on a top-tier job commit to if they want to be fairly compensated?
The industry with the biggest gender pay gap for key management personnel (KMPs) is Rental and Real Estate, where full-time female staff earn $137,961 less than men on average, a difference of 39.7%.
But contrary to popular belief, turning to a female-dominated industry will not ensure the most equality in a woman’s paycheck. In Health Care and Social Assistance, female KMPs face a 26.4% gender pay gap, a difference of $40,000.
In fact, WGEA data shows that female managers are more likely to be paid similarly to their male peers in male-dominated industries. Wholesale Trade has one of the smallest gender pay gaps of all industries: women face a comparatively smaller gap of 10.7%, or a difference of $21,070, with their male counterparts.
Yet, it is a quirk of economics that female key managers may actually earn the most money in an industry with one of the largest gender pay gaps: Financial and Insurance Services. Here they can expect an average salary of $321,337, although it is still $97,261, or 23.2%, less than the average male KMP in the same industry.
Of course, all this this assumes women are able to reach the upper echelons of management in the first place. Across Australia, one quarter of companies with key management personnel have no female staff at that level at all.
For more information on the different management categories, or to explore statistics for your own industry in more detail, visit the WGEA Data Explorer.