Wealth manager Charles Stanley has published its gender pay gap data for the period 1st April 2017 to 1st April 2018.
- The mean percentage pay gap was 37.4% increasing by 2.6 percentage points (2016-2017: 34.8%)
- The bonus pay gap reduced by 1.2 percentage points to 73.5% (2016-2017: 74.7%).
- The percentage of women who received a bonus in 2017-2018 increased to 82.1% compared to 78.6% of men (2016-2017: women 81.6%, men 83.9%)
- The number of women in the upper quartile of earnings increased from 15.6% to 18.2%.
Paul Abberley, CEO, stated: “Although we have continued to make progress and our results are usually above the industry average, we recognise we are still at the start of our journey and we have more to do. Our latest figures are impacted by the high proportion of our senior male staff who are investment managers, and their remuneration has a direct correlation to stock market movement.
“More recently we have continued to work hard to make further headway. For example, we committed to increase our female representation at senior management level from 28% to 30%, and I am delighted that we met our target two and a half years early, which will help further improve our gender pay gap. That said, I do not pretend that we are anywhere near finished. We must ensure we maintain and improve upon the progress already made, alongside our broader diversity agenda, not only because it makes good business sense, but also because it is fair.”
As well as achieving enhanced diversity at senior level with two women on the Board and three women on its Executive Committee, Charles Stanley looked at ways to help close the gap in ordinary pay by undertaking a pay audit across the organisation to address any discrepancies. The results show the gap is narrowing in all but one of its pay quartiles and there is greater bonus pay parity between male and female staff. A target of 40% female new hires was also exceeded last year, with 48% being achieved.
Kate Griffiths Lambeth, HR Director at Charles Stanley, said: “The gender pay gap across the financial sector has been deeply entrenched for many decades, mainly because there are more men in senior roles and therefore on higher salaries, and there are no quick fixes. It will take time for the full impact of some of our more recent measures to start to feed through into reported gender pay gap statistics but they show we are deeply committed to tackling the gender pay disparity. The challenge is to encourage more women into the profession, retain them by providing the relevant support and career opportunities along the way and ensure they reach senior positions to redress the balance.”
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Charles Stanley publishes gender pay gap data for 2017-2018
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