Gender and Ethnicity Pay Gap Report 2022

Transparency and accountability are essential to how we operate and drive the dial forward on our people agenda which is why we’re thrilled to be able to share with you, our second ever UK Ethnicity Pay Gap report alongside our Gender Pay Gap report.

The reports bring good news…

1. A significant reduction in our gender mean and median pay gap
2. A significant reduction in our mean and median pay gap result for our Black talent pay gap
3. A slight reduction of our Total Ethnically Diverse mean and median pay gaps.

The reduction in pay gaps is a result of conscious effort on how we recruit and retain our talent and because we have more female and black colleagues progressing through the levels.

We have always pledged to recruit our diverse talent from junior levels and to grow and develop those colleagues through the levels - this is, of course, a long-term commitment. But one that will continue to reduce our pay gaps, as our junior levels of female and ethnically diverse talent grow. We’re now starting to see the efforts of this pledge come to fruition through our 2022 reports.

In full transparency, our Asian talent and Other Ethically Diverse talent pay gaps have increased slightly. This is due to the increase in representation at our more junior levels and is in-line with our longer-term plan to increase and grow our talent organically. Both the Asian and Other Ethnically Diverse talent pay gaps remain low and is therefore is not a cause for concern however we pledge to keep a watchful eye to make sure this does not progress into a problem.

Whilst we are pleased to see our Gender Pay Gap and Black talent Pay Gap reducing, we will not become complacent. There are many steps ahead of us to reach pay gap parity. We will continue to further ourselves against the Gender Action Plan and 10 Commitments to Anti-Racism (see our timeline of actions taken in the report).