Women in IR: Discuss IR gender pay split with HR managers
Female IROs are likely to be paid less than their male counterparts, according to IR Magazine research, a situation that Theresa Molloy, vice president of governance and shareholder services at Prudential Financial, says is ‘disappointing’ but ‘not surprising’.
Just over one third (36 percent) of female IROs take home over $200,000 per year, compared to 47 percent of male heads of IR, according to the latest Global IR Practice Report.
‘Any time you have empirical pay data that points to pay disparity, it can be helpful. When HR managers are evaluating an IR role they can use the data to ensure there’s gender pay parity in the future,’ Molloy tells IR Magazine.
While there is almost a 50/50 gender split across the IR profession at all levels, 67 percent of the top IR jobs are held by men, IR Magazine’s research also shows. Molloy, the former president of the NIRI New York chapter, is surprised by these statistics. ‘I know so many accomplished women IROs,’ she says.
Molloy also explains that it’s important for the IR profession to be diverse because investors are becoming more interested in conversations about diversity. She points to State Street’s guidance on board diversity earlier this year and CalPERS making board diversity one of their priorities in proxy voting.
‘Even for companies like Prudential who are leaders in board diversity, companies want to know specifically how we plan for board refreshment,’ Molloy says. ‘They want to know that the leadership and the plans you have in place today regarding gender diversity are going to be evident throughout the life time of the organization.’
Watch the full video interview below to hear how Molloy has benefitted from mentorship during her own career, as well as her recommendations for aspirational IR professionals.
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