Why Finance Workers Should Join a Union Too

1. Why Finance Workers Should Join a Union Too Trade union membership has constantly fluctuated throughout the years. However, since Covid reared its head in 2020, membership is on the rise again. With concerns being raised left, right and centre over employment rights, health and safety, social and economic inequalities and more, thousands of workers and now seeking extra job security in the UK. Before this peak, though, membership across most industries had been on a consistent downward trend for quite some time. However, the finance sector doesn’t seem to be following suit. In fact, statistics suggest that trade union membership amongst financial workers has actually been following a steady decline since around 1995, with one brief peak observed in 2000. As a result, the financial sector has one of the fastest declining union membership rates than any other industry. By 2024, it’s estimated that less than 10% of employees will be members. The Reasons for the General Decline in Membership Unfortunately, the reasons aren’t always so clear cut, but there are a few possibilities to consider. So here’s a few to chew on: • Union workers may be retiring as quickly as new members sign up: we know that union members tend to be older statistically. With an ageing population and more workers reaching retirement age, this may be contributing to the decline. • The media has tarnished the word ‘union’: The term trade union now tends to conjure up images of strikes and public outrage when in reality, unions do so much to protect workers’ rights. Reasons for the decline in the finance industry aren’t as clear cut either, but a few assumptions can be made here. For example, industry members tend to be those in more precarious financial and employment situations - this tends not to apply to workers in the finance industry. The financial sector is also still dominated by male workers - the demographic with the largest levels of membership decline. Why Should I Join? If you work in the finance industry, you may be wondering why you should join a union. The truth is, in this economy - no one’s jobs are guaranteed to be secure. However, in the past few years, the world has shown us everything can change at the drop of a hat. More

2. importantly, though, some more pressing issues in the finance sector could be alleviated with increased union membership. • The Gender Pay Gap: Women are disproportionately affected by this in the finance industry. The median pay gap for all UK companies stands at an average of 14% compared to around 35% in banking and 30% across financial services. Unions are committed to closing the gender pay gap wherever possible and promoting equality in the workplace, making it a great source of assistance for female workers. READ MORE Community trade union 465c Caledonian Road London UK N7 9GX editor@community-tu.org 0800 389 6332 https://community-tu.org/