Women now represent 50% of all leadership roles, and we have seen the impact of this reflected in our gender pay gap, which continues to trend downwards. However, we recognise that maintaining this progress requires sustained focus and commitment.
Like many organisations, our gender pay gap is primarily driven by the distribution of genders within the upper pay quartiles and in certain areas of the business, such as Technology, where industry-wide salaries tend to be higher. While we have made significant progress, we know there is still work to do to ensure a more balanced representation across all levels.
The reduction in our mean gender pay gap from 22% in 2023 to 14% in 2024 reflects the impact of several key initiatives:
A strong focus on developing female talent through our talent development programmes.
Proactively recruiting female leaders into senior roles to enhance diversity at the executive level.
Partnering with external DEI providers to help shape and refine our strategies.
In our previous report, we highlighted early signs of improvement, and we are encouraged to see continued progress. Our efforts have led to a more balanced gender representation across pay quartiles, particularly within the upper middle quartile.
While we are pleased with the progress we have made, we know there is more to do. Certain areas, such as Technology, remain male-dominated, and with salaries in these fields typically higher across the industry, this continues to be a key area of focus.
We recognise that meaningful change takes time, and we will remain focused on driving further progress.
What is gender pay?
Gender pay is the measure of the difference between pay for all women within a business compared to pay for all men. The statistics can be affected by a range of factors, including the different number of males and females across all roles within the organisation.
This is different from equal pay, which focuses on whether males and females are equally compensated for performing the same or similar work.
What is the Mean?
The mean gender pay gap is the difference between the average hourly rate of pay for females, compared to the average hourly rate of pay for males, within a company.
What is the Median?
The median represents the middle point of a population. If you lined up all the females at a company and all the males, the median pay gap is the difference between the hourly rate of pay for the middle female compared to the hourly rate of pay for the middle male.
Our 2024 pay results are based on a snapshot of payroll data from 5 April 2024.
Overall, our mean gender pay gap reduced from 22% in 2023 to 14% in 2024, while our median gender pay gap has remained stable.
Although the median has remained relatively unchanged, the significant decrease in the mean pay gap suggests that the average earnings of women have increased. This is largely driven by a higher proportion of women moving into senior roles within the upper middle and upper quartile, where salaries are higher.
While this progress is encouraging, we recognise that continued efforts are needed to further improve gender balance at the highest levels of the organisation.
Our gender bonus gap:
For this report, the definition of bonus includes any reward relating to productivity performance, incentives, or commission.
76% of eligible males received a bonus vs 84% of eligible females received a bonus.
Since our last report, we have made significant changes to our bonus structure, reducing its overall impact on total earnings. As a result, our median bonus gap has decreased from 24% in 2023 to 7% in 2024. However, the mean bonus gap remains stable at 37%, reflecting the lower representation of women in the upper quartiles, where salaries, and therefore performance-based bonuses, are higher.
Pay quartiles:
The data below shows the proportion of men and women in each pay quartile.
We have seen positive shifts in gender distribution across pay quartiles, with significant progress in the upper middle quartile, where female representation has increased from 49% in 2023 to 53% in 2024.
While there has been a slight improvement in the upper quartile, progress remains slower than we would like. We recognise the need to further increase female representation at this level, particularly in quartiles dominated by technology roles.
We have created a clear and structured DEI strategy focused on long-term improvements in our gender pay gap. Our initiatives ensure that best practices are embedded and developed over time. Some of the key areas we continue to invest in include:
Building our mentorship scheme to support career progression.
Targeted development programs for our Senior Leadership Team and managers.
Enhanced DEI data analysis to better understand diversity from the point of application.
Delivering neurodiversity training to create a more inclusive workplace.
Participation in the 10,000 Black Interns Programme to improve representation.
External support and expertise to guide and refine our approach
These initiatives reflect our ongoing commitment to creating a more inclusive and equitable workplace. We know there is still work to do and will continue driving change to close the gender pay gap further.
