The requirement for all large UK companies to report their gender pay gap has become a heated topic of discussion. Many notable organisations have been criticised for their figures, ranging from Boux Avenue lingerie group where women earn 76% less per hour through to Yellow Dot who pay women an average of 81% more. The overall gender hourly gender pay gap has been widely reported as 9.8% in the favour of men.
A report from Informi in late 2017 focused on the gap in SME-dominated industries, given that small firms are not required to publish their figures, and found that the gap had closed from 22% to 13% over the past decade. Pleasing progress, yes. But a double-digit gap is still far too high. Numerous industries are lagging behind others in implementing the necessary changes to ensure females get as many opportunities to thrive in their profession of choice.
But there’s a rising way of working that is helping men and women alike earn a bit of extra income – and possibly lead to them becoming full-time business owners in their own right. The notion of the ‘side-hustle’, a second venture conducted outside of an employee’s main working hours, has been on the increase in recent years. This is partly because of the global downturn at the end of the last decade and the start of this, and the knock-on effect on household incomes. But it’s perhaps better related to technological advances, which have allowed people the chance to create new innovative businesses and earn money working from home.
42% gender pay difference around second jobs
Informi spoke with 2,000 UK adults during June to find out their appetite for carrying out multiple jobs. The appetite is strong, with one in five (19%) already having a second venture on top of their general work. Broadening that out to the overall population, this equates to around 10 million British adults holding a second role.
With making money the main priority for most – although the opportunity to develop skills, have a hobby and gain more creative freedom also featured strongly among our respondents – having a side-hustle can provide that extra bit of pocket money that many need to meet their outgoings. And it’s lucrative too – an average extra income of £416 per month, equating to an extra £5,000 at the end of the year. But there’s a marked difference between male and female earnings from an extra job.