Anna Sofat: The future of ‘Fat Cat Friday’ is in our hands
Another day, another headline that causes outrage but still the facts don’t change – the 6 female CEOs of FTSE 100 companies earn half as much as their male counterparts. So what, I ask myself for the umpteenth time, can we do to combat the gender pay gap?
The first thing I will say is that creating more tick boxes with obvious loop holes is not the answer. Fat cat Friday leaves a bad taste in my mouth for many reasons, most notably the fact that the average CEO earns a shocking 133 times more than the average worker. The gap has more than doubled over the past 30 years whilst the average salary has barely kept pace with inflation.
Whilst this brings about questions of ethics and social responsibility what we all forget, is that it also impacts the bottom line. This kind of unprecedented growth in salary is often not reflected in growing profits, and at time defies any logical reason.
Having worked in the business and financial landscape for some 30 years now, it is unsurprising to me that issues of lack of good governance and egotistical politics get in the way of even the savviest businesses making responsible decisions. We have allowed the culture of wealth and business to become ugly and increasingly unfair.
Whilst I don’t have all the answers, or a quick fix to overcome this widespread crisis, I have always believed change can come from the majority, and we don’t have to wait for the leaders to act. When the little decisions made by thousands of people on a daily basis alter, the world changes. This gives me hope that despite the endless stream of cash and influence that the c-suite possesses, it is in the hands of us, the majority, to rectify.
The good news is that there is a growing number of women at the top and younger entrepreneurs, and I am confident that their impact will be a positive one for the future of business. With diversity comes success and I hope that my vision for a more equal and sustainable future isn’t too far away.