19.04.2024
Last year the government introduced legislation that requires companies employing more than 250 people to publish information about their gender pay and bonus gaps annually.
At 31 March 2018 our median gender pay gap stood at 17.2 per cent, a drop of three percentage points from last year (20.4 per cent in 2017). The mean pay gap is reported at 23.67 per cent (24.97 per cent in 2017).
“While we are pleased to see some reduction in our gender pay gap, we’re still a long way from where we want to be,” said Katherine Easter, Chief People Officer. "This year’s results tell us that we must continue working hard to increase the pipeline of talented women in our organisation.”
Our gender pay gap is largely driven by the number of men in our investment team relative to women and the way specialist skills in that area are rewarded. While we’ve made progress on our target to have 40 per cent female senior leaders by 2021, we also don’t have enough women in senior roles. We’re focusing on growing our own pipeline of talent to achieve this.
What is the gender pay gap?
The gender pay gap is the percentage difference between average hourly earnings for men and women.
According to the Office for National Statistics (ONS), the UK’s gender pay gap fell from 2017 to 2018, to stand at 8.6% among full-time employees. The gap among all employees is higher (17.9%), driven by more women working in part-time jobs, which are lower paid.
The pay gap isn't the same as equal pay. Equal pay – that men and women doing the same job should be paid the same – has been a legal requirement for 47 years. Under the Equal Pay Act 1970, and more recently, the Equality Act 2010, it is unlawful to pay people unequally because they are a man or a woman.
Our approach to addressing the disparity
We pride ourselves on being an employer of choice for working parents, offering flexible working, enhanced maternity pay and shared parental leave.
Recently we’ve also increased our focus on diversity and inclusion, with a strategy encompassing recruitment, culture and talent development.
“The current scale of the gender pay gap in financial services is a real issue,” said Andy McKinnon, Chief Financial Officer. “But while we can’t change the industry, we can be part of the solution. We’re committed to tackling our gender pay gap because we believe it will improve our performance, as well as helping us be an employer of choice.”
