Business Studies seems to be an increasingly popular choice with students today. Application from female students to study business has increased dramatically over the last decade acknowledging the large contribution that women are making today to the success of UK business.
- The number of women in management roles today has increased dramatically in the last decade.
- Many women are pessimistic about ever reaching higher levels of management in their company.
- These two statements about the opportunities for women to progress in management and business within the United Kingdom appear contradictory. Which should we believe? Ironically both are true!
Women are staking their claim in the business world, holding almost three times as many managerial roles as decades ago. Women executives are also closing the gender pay gap, lagging only 8 per cent in their salaries contrasted to 38 per cent in 1990.
According to the National Management Salary Survey 2000, released by the Institute of Management (IM) and Remuneration Economics, almost a quarter (22 per cent) of mangers today are women - a great leap from only 8 per cent in 1990. Women have also muscled their way into the boardroom to a small but growing presence of 9.6 per cent from a mere 1.6 per cent ten years ago.
In salary terms too, women managers are close to or ahead of their male colleagues. In the last year, female mangers have once again outperformed their male counterparts in the salary stakes to receive, on average, 19 per cent higher pay increases. Women mangers' pay rose by 6.4 per cent compared to the 5.4 per cent rise their male colleagues received. The latest survey shows that female directors .
received almost treble the pay increases of their male peers - a 16.2 per cent salary rise compared to 5.6 per cent.
The survey illustrates further progress for women mangers across most sectors:
- At least one woman sits on a board in each of the ten industry groups.
- Female mangers hold at least ten per cent of the top jobs in all industries, except engineering.
- Women have really made their mark in public sector where they occupy just over 40 per cent (41.5 per cent) of managerial roles.
- In the financial and business services, almost a third (31.1 per cent) of mangers are women.
- By function, women mangers in personnel are a 60 per cent majority.
- The actuarial, insurance & pensions group has also opened up to women, where they have over a half (54 per cent) of management positions.
A key factor to help women achieve their full potential, whether they aspire to a career in management or want to set up their own business, is the support of targeted networking organisations who can provide role-models, support, coaching and mentoring to women.
Women in Management (WiM) is one of the longest established support organisations. Eleanor Macdonald, OBE, founded women in Management in 1969. Eleanor was a director of a Unilever subsidiary who, having reached the board room herself, wanted to meet and encourage other women to push for the top. It was the first UK organisation to support women executives in their careers. Initially based in and around London, WiM developed a countrywide network off branches with a common goal and interest. In 1999, WiM joined forces with the Institute of Management (IM), to provide new opportunities for IM members to address key, current workplace issues affecting both men and women. Operating as a special interest group of the IM there are currently eleven WiM Special Interest Groups that supplement the IM network of 95 branches and provide opportunities in training, development, careers support, networking and business start up advice.
WiM aims to help women at all levels achieve their full management potential and to provide support., encouragement and development. By providing positive role models and a support network that features some of Britain's leading businesswomen, WiM focuses on the issues that are affecting women today. It also seeks to increase the influence of women in public life and in the community by encouraging members to apply for public appointments, non-executive directorships school governor roles and high profiles voluntary roles.
Special WiM events include evening lectures, talk and one-day workshops on topics ranging from leaderships styles to starting your own business. WiM also collaborates closely with other networking groups and recently participated in the 'Women of the Year' award in Oxford
