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Quilter reveals mean gender bonus gap of 70%

boardroom meetingAdvice, platform and investment group Quilter has revealed its gender pay gap figures for 2018, showing a mean bonus gap of 70 per cent between male and female employees.

Overall, there was slight progress in the mean pay gap, which dropped from 39 per cent to 35 per cent, and the median bonus gap, which ticked down from 41 per cent to 39 per cent.

However, the median pay gap remained flat at 29 per cent and the mean bonus gap was still 70 per cent.

Chief executive Paul Feeney acknowledges that”there is still significant work to be done to close the gender pay gap both within our organisation and across the industry”.

He says: “Creating an inclusive culture is key to creating a business which excels in an increasingly competitive environment. It is my firm belief that our business can only best serve its customers if it reflects their own diversity.”

Quilter says that the main reason a gender pay gap still exists is that more men occupy senior management and revenue-generating roles, while more women occupy junior and part-time roles.

The group’s target set in 2017 was to have 35 per cent, or ideally 40 per cent, female representation at senior management level by the end of 2020.

All senior hires must show they have a diverse shortlist of candidates when recruiting, while the group has also set up inclusion and diversity objectives for executive committee members and a female mentoring programme.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. The gender pay gap has been proven, beyond doubt, to be a myth. The reason for differences in pay are down to different choices made by men and women in the workplace. It’s that simple. The Scandinavian research, which is way ahead of ours, has demonstrated this beyond any shadow of doubt. So why this push to tyrannise a system? Tyrannising systems never ends well.

  2. @Richard White;

    It isn’t quite that simple though is it?

    There is considerable variation between Iceland and Denmark for example – both of which are leaders in equality legislation.

    There is undoubtedly a ‘child bearing pay penalty’ in the data you’re referring to – and that penalty is overwhelmingly borne by women. It is unclear whether that is societal expectation (prejudice) or a predisposition to making different choices within genders (just one of those things).

    However there is also very definitely a ‘promote people like me’ affect that means senior management tend to be much like their predecessors, i.e. pale, male, and stale.

    A bit like me.

    So there is work to be done, and currently strategies may not be optimal – but that doesn’t mean companies shouldn’t try. They most definitely should.

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