NEWS
IBS Journal May 2018
09
“I think it’s important to highlight that the gender pay gap is not the same issue as equal pay. Paying a woman less for the same work as a man is thankfully now illegal, and something you’ll rarely come across nowadays. The issue here is really more about the type of jobs men go for – especially in tech and finance – and the fact that they’re generally a lot more financially rewarded than the jobs pursued by women – which results in that inarguable gap in pay.”
Atom Bank, another challenger which filed its data, has a median gap of 31.6%. Just over half (51.4%) of its lowest-paid roles are filled by women.
In July 2017, TSB revealed a gender pay gap of 24%. “Our mean gender pay gap is smaller than the indicative average for the financial services industry,” TSB said in a statement at the time. “However, it’s still greater than the UK average for all industries.” The bank revealed that 59% of its senior management were occupied by men, but 69% of its junior roles were filled by women.
Virgin Money was one of the initial cohort of banks to report gender pay gaps in 2017. It revealed a gap of 38.4%. The bank also signed the UK government’s Women in Finance Charter, pledging to increase the number of women in senior management roles to 40% by 2020.
Metro Bank, an FI which is often mentioned in the same breath as challenger banks, reported the lowest figures, with a pay gap under the UK average (13.5%). The lowest-paid roles at the company are 50-50 between men and women, while women make up 30% of the firm’s highest-paid positions.
Challenger Monzo Bank released a blog post on 22 March 2018 outlining the gender and nationalities of its employees, but conspicuously left out the pay gap figures. A spokesperson wrote in a comment that it would be revealing its data in the coming months.
Vendors and fintechs
Average pay gap: 23% Women in high-paid roles: 17% Women in low-paid roles: 34.5%
The software and services category reported the lowest average pay gap, at 23%, yet also reported the lowest numbers of female employees in both high-paid and low-paid roles.
Banking software firms SAP (30.4%), Broadridge (37.6%), Finastra (31.8%), Temenos (22%) and FIS (21.4%) reported the largest gaps. For Finastra, 58% of its lowest-paid roles are filled by women. Underneath those firms in the rankings and filling out the middle are Infosys (18%), Oracle (17.8%) and Accenture (10.2%).
“Temenos is committed to the principle of equal opportunities and equal treatment for all employees,” wrote CEO David Arnott in the firm’s 2017 report. “We have a clear policy of paying employees equally for the same or equivalent work.”
Shauna O’Handley, vice president for HR global programs at Finastra, wrote: “In senior management and executive roles in the UK, there are currently nearly three times as many men as women holding these positions. This is what our Finastra Inclusion agenda seeks to address. At Finastra we are committed to creating a fully inclusive work environment where uniqueness is supported, celebrated and nurtured.”
Among the hardware vendors, ATM manufacturer Diebold Nixdorf filed a figure of 28%, while rival NCR Corporation reported a gap of 53.3%. At Diebold Nixdorf, women’s’ median hourly rate of pay is actually higher than men by 28%.
www.ibsintelligence.com 9
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