Starting a Business or Career in Business

2.1 UK Gender Pay Gap

In the UK, we have seen a gender pay gap in favour of men for far too long, and this is something that both women and men are campaigning against throughout the UK. However, according to figures released by the Higher Education Statistics Agency (HESA), the UK gender pay gap begins much sooner than many may think. The figures suggest that just 15 months after graduating, men were earning an average of 10% more in comparison to women, highlighting a clear workplace inequality.

The figures do show that of those that were in full-time paid employment following their first degree graduation in 2018, most individuals had a salary of between £24,000 and £27,000. However, when looking at the higher earners, it is clear to see that the gender pay gap in the UK is much more prominent. Whilst 28% of men earned more than £30,000 15 months after graduating, the same could be said for just 16% of women, and 6% of men earned over £39,000, in comparison to 3% of women.

2.2 BAME Graduate Discrimination

Whilst the figures show that 81% of graduates were either employed or were in unpaid work, and 76% of those in highly skilled jobs in the UK, there was yet another inequality that was clear to see. Over 60% of white university graduates were employed on a full-time basis over a year after they left university, but the same could only be said for half of black university graduates. As well as this, 7% of Asian graduates and 6% of black graduates were unemployed more than a year after they graduated, in comparison to just 3% of white graduates.

These figures highlight another clear workplace inequality that black, Asian, and other minority ethnic graduates face, once again before their career has even begun. The simple fact that graduates in these ethnic groups were more likely to be unemployed in comparison to white graduates is staggering, and clearly indicates that there is much more work to be done in tackling this inequality.

2.3 Disabled and Vulnerable Adults

In a recent report, An Unequal Crisis, conducted by Citizens Advice, it was identified that vulnerable adults and those with disabilities are twice as likely to be made redundant, in comparison to the rest of the UK. Following a survey of 6000 people, 17% of the working population are said to be facing redundancy, with disabled and vulnerable adults the worst hit.

The survey found that 27% of disabled people are facing redundancy, with that figure increasing to 37% for those whose disability has a significant impact on their daily activities, whilst almost 50% of those extremely clinically vulnerable to coronavirus are also facing redundancy. The report also indicated that 39% of people with caring responsibilities, such as for children or vulnerable adults, are facing redundancy, as well as 31% of people with children under 18, in comparison to just 7% of people who don’t have children under 18.

This suggests that for graduates with disabilities, vulnerabilities or caring responsibilities, jobs may be harder to come by, whilst redundancy is a real possibility for those already in employment.

4.1 Never stop Learning

One way to have a successful career in the business industry is to never stop learning, never stop gathering information that can help you to do your job. You should always stay up to date with industry best practices, the latest technology and any trends within the industry, to ensure that your work is as good as it can be and that you never get left behind at any point in your career. Some of the best ways to do this are to subscribe to relevant publications and to take refresher courses when necessary.

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4.2 Be open to Expanding your Expertise

Allowing yourself to expand your expertise into different areas of business could be the difference between kick-starting your dream career and finding a job that you hate. By expanding your expertise and developing your knowledge of multiple areas of business, you instantly become more appealing to employers, and it may just mean that you get the job ahead of somebody else!

4.3 Consider different Career Paths

A great way to ensure that you can have a long and successful business career is to identify different career paths that match you and your skillset. Once you have a list of career paths, you can begin to understand what you want to achieve and how you are going to do it, but also that you do have other options that you may need to explore in the future. However, one thing to remember is that by putting together an ideal career path, you are not blocking out all other alternatives, you are simply helping yourself to focus on your goals.

4.4 Gain as much Experience as you can

Something that most employers place great emphasis on when recruiting for a role is the experience that candidates have relating to the position they are looking to fill. In the business industry, somebody with experience can be much more valuable to employers than somebody with a long list of qualifications. Whilst the qualifications are great to have, experience within a similar role may just be the thing that sets you apart from the other candidates, and so it is vital that you gain relevant experience in any way that you can. This could be through a university work placement, a relevant internship, or a similar job at a different company.

4.5 Build up your Professional Connections

A great way to prepare for a successful career in business is to continuously build a professional network, including professionals, business owners and even business mentors. By building this network, you are developing connections with people that may be able to recommend you for jobs, endorse your skillset and help you to develop your knowledge. You can build professional connections at networking events, in online business groups and by being active on LinkedIn.

4.6 Take Online Courses in Relevant Topics

Whilst business degrees are a perfect way for you to develop and showcase your knowledge in certain areas of business, other relevant online courses will help you to become much more employable. Employers are now looking at more than just the qualifications and the grades you have achieved, with people skills, leaderships skills and effective time management increasingly important for your business career. One of the best ways to demonstrate that you have the skills they are looking for is to complete a series of online courses, related to the personal skills you may need.

4.7 Always ask Questions

One piece of advice that you should always remember when entering a new job in the business industry is that there is no such thing as a silly question. When starting out in your career or joining a new company, there will be many things you do not know and processes you are not aware of. By always asking questions, regardless of how small or meaningless you may think they are, you will always be fully prepared to produce quality work.

5.1 Do not have a Gender Pay Gap

The gender pay gap is an issue right throughout the UK and has been for many years. One of the best ways to create a more equal and diverse working environment is to ensure there is no gender pay gap within your business, and be honest about what you are doing and why it is necessary, as this will bring a sense of togetherness to your workforce. A pay structure you could introduce to promote equality in the workplace and help to close the UK gender pay gap is to have pay brackets for each role within the company, so that all members of staff are paid fairly when all factors are taken into account.

5.2 Ensure all Employees have the same Opportunities

All employees should have the same opportunities for growth within the company, including the same opportunity to prove their ability to take on additional responsibilities. If a company only allows men to take the lead on sales pitches or to work with bigger clients, the likelihood is that only men will be able to prove their worth when deciding who should be promoted to a higher position. Companies could introduce a fair system that enables all members of staff to have the same access to relevant opportunities and any available training.

5.3 Have Equality Policies and Procedures in Place

Equality in the workplace should be standardised, and this is something that can be done by introducing equality policies and procedures. All members of staff should always be treated equally and fairly, including in relation to anything work-related, such as pay, training and opportunities. By adding equality policies and procedures to your company, you can set the standard right from the very top, creating a more equal and diverse company that says no to discrimination in the workplace.

5.4 Stamp out Discrimination and Bullying

As part of the Equality Act 2010, all employers are responsible for protecting their staff from discrimination, bullying and any kind of harassment in the workplace. You must stay alert to any of these issues, including discrimination for race, religion, age, gender and more, fully investigate any reports of workplace discrimination and act against it. For more information on HRM and all related aspects, including organisational behaviour, cultural management, employee relations and more, take a look at our free online HRM lecture.

5.5 Introduce Mentor Programs for All Employees

An effective way to spread equality and confidence throughout the workplace is to introduce mentor programs that all members of staff can be involved in. For new or inexperienced members of the team, having a mentor to turn to for advice and guidance can only be a positive thing. Mentors not only provide advice and guidance but can also be instrumental in making mentees feel empowered and confident in what they are doing, and ultimately helping them to recognise that they are an equal and valued member of the team.

5.6 Follow the Swedish Approach to Equality

The Swedish approach to gender equality in the workplace is simply that everybody, regardless of your gender, is a valued member of the company that has the right to work. Sweden overall has worked extremely hard to encourage and promote gender equality in the workplace, ensuring that not only policies are put in place to prevent such inequality, but that mindsets are completely changed too. Gender discrimination in the workplace has been illegal in Sweden since 1980, with the Swedish Discrimination Act having been in place since 2009. This act means that employers must be proactive in encouraging gender equality at their company, and they must act against cases of harassment or discrimination. Businesses in the UK should follow the Swedish model, actively seeking to remove the gender pay gap to create an equal and diverse working environment for all.