13.03.2025
Today we’ve published our Diversity pay gap report, where we provide an update on how we’re progressing against our objectives to improve the gender, ethnicity and disability pay gaps within our organisation.
We began reporting on our gender pay gap in 2017. As part of our commitment to diversity and inclusion best practice, we continue to go beyond statutory requirements by also reporting on our ethnicity pay gap, and our disability and long-term health condition pay gap.
Progress on our ethnicity pay gaps
In 2024, 89 per cent of employees disclosed their ethnicity. We set a goal of 30 per cent ethnic minority representation by December 2023. Despite not originally meeting this, by March 2024, we surpassed this target, with the overall proportion of ethnic minority employees increasing to 31.5 per cent.
We reached our target of nine per cent representation of black employees across the organisation in 2023 - and that figure remained stable to March 2024.
We’re pleased to see an improvement in both the median and mean ethnicity pay gaps this year. The median ethnicity pay gap fell from 15.9 per cent in 2023 to 10.0 per cent in 2024, and the mean ethnicity pay gap fell from 14.6 per cent to 7.4 per cent. There also was an improvement in both the median and the mean ethnicity bonus pay gaps in the year.
Gender pay gap and female representation
We set ourselves an ambitious target to reach 45 per cent female representation in senior management by December 2023. We were pleased to have exceeded this target by August 2024, when we reached 48 per cent female representation in senior management.
This year our median gender pay gap remained stable over the year, at 17.8 per cent in 2024, compared with 17.5 per cent in 2023.
This gender pay gap exists because our highest paid roles in areas such as investment are over-represented by men, which is reflective of gender imbalances in the financial services sector.
Our mean gender pay gap increased slightly over the last year, up from 15.8 per cent in 2023 to 19.0 per cent in 2024. A contributing factor is likely due to several women in high paying roles leaving the organisation during the year, and not yet seeing the impact of new appointments, such as Michelle Ostermann, our Chief Executive, on our pay gap data.
Disability pay gaps improved over the year
In 2024, 82 per cent of employees disclosed if they have a disability or long-term health condition (LTHC) - and 25 per cent of employees identified as having a disability or LTHC.
Both the median and mean disability pay gaps improved over the year. The median pay gap fell from -2.4 per cent in 2023 to -3.1 per cent in 2024, while the mean pay gap fell from 8.2 per cent in 2023 to 5.2 per cent.
Katherine Easter, Chief Operating Officer, said: “Fostering a diverse and inclusive workplace is vitally important to us - it creates a better place to work and ultimately makes us better at delivering our service for our members. Monitoring our pay gaps, and setting targets, has helped us make positive progress over time. While there is further to go, it's particularly pleasing that we’ve made more progress in the last year on reducing our ethnicity pay and bonus gaps and further increased female representation in our senior management.”
Find out more in our Diversity pay gap report.
