Overview of reporting to date

All employers with 250+ employees have to report the relevant information relating to their gender pay gap. A week before the deadline (4 April 2018) only 6,045 employers out of a suspected 9,000 had reported. Most relevant employers have now reported, but it is clear most were leaving it close to the deadline.

The site is easy to navigate and shows the total number of employers who have reported to date as well as search functions by sector and name of employer.

https://gender-pay-gap.service.gov.uk/Viewing/search-results

Within the Financial Services (“FS”) sector 264 employers have so far reported.

With many employers leaving it until these final weeks to report.

The table below provides a snapshot of some of the key data reported which shows the percentage by which the hourly rate or bonus gap is lower for women.

Firm

Mean (Gender Pay Gap Hourly Rate)

Median (Gender Pay Gap Hourly Rate)

Mean (Bonus Gap)

Median (Bonus Gap)

Barclays Bank PLC 48% 43.5% 78.7% 73.3%
Bank of England 21% 24.2% 23.6% 25.6%
Co-operative 30.3% 22.6% 50.2% 65.3%
FCA 19.3% 20.2% 19.43% 25.19%
FCE Bank 16.6% 7.5% 80% 32.3%
Goldman Sachs International 55.5% 36.4% 72.2% 67.7%
Intelligent Processing Solutions 27% 15% 71% 50%
Tenet Group 28% 32% 11% 26%
TSB 31% 24% 53% 37%
Unum Ltd 27.3% 17.5% 66.2% 35.2%
Virgin Money 32.5% 38.4% 45.3% 40.7%

Excluding insurance companies the key data reported thus far is set out below which shows the percentage by which the hourly rate or bonus gap is lower for women.

Review of narratives

Review of GPGR narratives in FS sector reveals that many businesses are using the requirement to gender pay report to showcase their wider efforts in respect of gender and Wider diversity initiatives. Many have also made specific pledges and commitments going beyond any legal requirement.

All have conceded that they have a significant gap¹ but predictably explain that this is down to the composition of their workforce and the dominance of males in senior roles.

Examples of measures being taken by FS employers include:

  • Commitment to annually report (required by law) early in the cycle and to close any gender pay gap year on year
  • Pledges to improve representation of women in more senior roles (some by as much as 40% (Co-op) and 35% (Bank of England) by 2020) and doing this by:
    • Rolling out unconscious bias training, E-learning etc
    • Insisting on parity of gender candidates on shortlists for vacancies
    • Interview panels being evenly split along gender lines.
  • Assigning a leader or steering committee in the business to oversee and drive the gender/diversity piece
  • Involvement in/membership of other organisations committed to diversity issues (e.g. Stonewall)
  • Linking variable pay of leadership team to attainment of diversity goals/targets
  • Improving family-friendly flexible working arrangements
  • Identifying female talent
  • Active mentoring of female talent
  • Signing up to the Women in Finance Charter (devised by HM Treasury and Jayne-Anne Gadhia, CEO Virgin Money to hit a higher target of women in senior management roles by 2020)
  • Commitment to regular pay audits to tackle and irradiate EqP².

¹ PWC forecast the average pay gap in FS firms to be 34% (PWC Women in Work Index) ² Some with Trade Union assistance