Our mean gender pay gap is 13.57% and our median gender pay gap is 13.49%. The close alignment between these figures suggests that the gap is structural, and we are encouraged to see a decrease compared to last year.

We are proud that the percentages of women and men in our business are balanced. From this year’s report, we recognise that representation at senior and higher-paying levels remains an area of focus, providing clear direction for where we will continue to prioritise our efforts.

We are committed to building a strong, agile and connected global network of talent, and to taking meaningful action, holding ourselves accountable, and reporting transparently on the progress we make.

What is the gender pay gap?

In the UK, organisations with 250 or more employees are required to report their gender pay gap annually which measures the difference in earnings between men and women across the organisation.

It is different from equal pay, which relates to men and women being paid the same for performing the same or equivalent roles. We are confident in our approach to equal pay and regularly review our practices.

The gender pay gap, by contrast, is influenced by the distribution of men and women across different roles, levels, and functions within the business.

What does the data show us?

Our data shows that the salary pay gap is primarily driven by the distribution of men and women across different levels of the firm, rather than differences in pay for similar roles.

Women are well represented in entry and mid-level positions, but we see less representation in some of our more senior roles, which has the greatest impact on overall pay outcomes.

While bonus participation is equal across genders, a high volume of recent hires led to a proportion of employees who had not yet received a bonus payment during the reporting period

The bonus pay gap we identified reflects the higher proportion of men in senior roles where bonus values are typically greater.