News

Gender Pay Gap 2023

Our gender pay gap for 2022/2023 is 36.6%. This has remained static since 2021/22, noting a very slight increase from 36 to 36.6%.

The pay gap at more senior levels, in the upper quartile, is largest at 29.53% and this reflects the findings of the Office for National Statistics (ONS) who reported for 2023“Compared with lower-paid employees, the gender pay gap among higher earners is much larger”. In all roles up to and including Associate Director, our gender pay gap is essentially 0% (-2.56% on aggregate).

Similarly to the last reported period (2021/2022) an approximately equal percentage of men and women received a bonus in 2022/2023. While there remains a significant disparity between the average bonuses of men and women, the mean bonus gap has reduced from 60% to 50.6% which is a step in the right direction. 

As an employee-owned business, all co-owners, including senior leadership, are included in our reported figures. Up to and including Associate Director level, the gender pay gap is balanced and the gender bonus gap is in favour of women. However, the gap for both pay and bonus increases for co-owners at Director level and above. A major factor in the extent of our pay and bonus gap continues to be the lower number of women in senior roles.

In 2017, we set out our aim to increase the number of women at Director level to 50%. In December 2022, women representation at Director level was 36% and at Senior Director level was 20%. We have seen good progress, as at December 2023, 41% of Directors and 24% of Senior Directors were women. We are confident in our strong talent pipeline, as at December 2023, 61% of co-owners below Director level were women. We are committed to authentic personal growth for co-owners and progression is based on merit, performance, contribution, and business needs. 

We have recently refreshed our Equity, Diversity and Inclusion (EDI) action plan which maintains our continued strategic focus to close the gender pay and gender bonus gaps. 

It is important to note that gender pay gap reporting is about much more than just numbers. It's also about nurturing an atmosphere where both men and women are able to progress in their careers in an equitable way. It's about being authentic, taking consistent action, and meeting the high expectations of co-owners in a transparent and fair manner.

We continue to seek feedback from co-owners regarding our progress with EDI, and in narrowing our pay and bonus gap, and regularly review our action plan to make progress in these areas.

14 March 2024