3.4 Money
While this may seem simple and obvious, the decision you make about work–life balance will include financial considerations such as expenditure on childcare, travel and so on. However, you may also be influenced by your earning potential in different sectors and jobs. One of the things to be aware of is the gender pay gap. The gender pay gap has been declining slowly over time; over the last decade it has fallen by approximately a quarter among full-time employees, and in April 2023 it stood at 7.7% (ONS, 2023). See Figure 8 which tracks the gender pay gap since 1997 (the ONS source has an interactive chart, if you’re interested in the exact numbers – see Figure 1 in the report) [Tip: hold Ctrl and click a link to open it in a new tab. (Hide tip)] .
The gender pay gap measures the difference between average hourly earnings (excluding overtime) of men and women as a proportion of men’s average hourly earnings (excluding overtime). It is a measure across all jobs in the UK, not of the difference in pay between men and women for doing the same job.
The money you earn impacts on the choices you can make about paying for childcare or other help and the distance you can travel to work. For women who are returning to STEM industries, choices are further constrained by the location and availability of suitable jobs.
It is known that one reason for the gender pay gap is that women are less likely to request raises or negotiate their salary when they begin a job, and therefore are generally more likely to financially undervalue their skills. So it’s important that when you begin applying for jobs, you will need to think about what salary you are aiming for and be prepared to negotiate with a potential employer about your pay.
Next week, you will look at mentors and other people who can offer you support. A mentor might be a good person to talk to if you have reservations or questions about asking for a pay increase.