21 February 2019
Quilter today publishes its gender pay gap report and while improvements have been made, the company recognises that more needs to be done to close the gap and create more gender balance throughout the organisation.
Since its first report last year, (2017 figures- available here) Quilter has made some positive progress. The mean pay gap has reduced from 39% to 35% and the median bonus gap has improved slightly, dropping from 41% to 39%. Remaining flat from last year however is the median pay gap at 29% and average (mean) bonus gap at 70%.
In 2017, Quilter set a minimum target to make its senior management community at least 35% female, but ideally 40% female, by the end of 2020. Quilter’s executive committee is now 21% female, compared to 8% in 2017 and its total senior management community is now 34% female. However, the company recognises that this still does not represent its total work force which is almost half female.
Quilter has identified the leading causes for why there continues to be a gender pay gap in the business. More men occupy senior management and revenue-generating roles, whilst more women occupy junior roles and more women are in part-time roles.
Quilter has been looking at its recruitment and development programmes, policies and systems and importantly its culture in a bid to find ways to improve its gender pay gap. The business has identified some changes it can make relatively quickly and easily to improve results, while others will take more time for the results to filter through.
Some examples of activity already being undertaken include:
- The introduction of a diverse shortlist policy meaning that all senior hires must have a diverse shortlist of candidates from which to recruit
- A mentoring programme that supports talent development
- The Quilter Financial Adviser School is actively recruiting women to become qualified financial planners which mean the FAS graduate population has more women (approx. 30%) than is typical in the financial adviser population more widely
- Each member of the Quilter Executive Committee has inclusion and diversity objectives
Quilter is also working with others in the industry to address industry wide barriers to diversity through its membership of The Diversity Project and as a signatory to the HM Treasury Women in Finance Charter.
The gender pay gap measures the difference in the average hourly pay between men and women in an organisation. It is important to distinguish between the gender pay gap and equal pay. Equal Pay legislation has been in place for over 40 years and ensures that people performing work of equal value receive equal pay, regardless of their gender. As part of Quilter’s annual performance management and pay review process it ensures that its people are being paid fairly based on their role, responsibilities, experience and performance.
The data is taken as a snapshot at 5th April each year.
Paul Feeney, CEO, Quilter comments:
“Creating an inclusive culture is key to creating a business which excels in an increasingly competitive environment. It is my firm belief that our business can only best serve its customers if it reflects their own diversity.
“While we have made some improvements over the last year, there is still significant work to be done to close the gender pay gap both within our organisation and across the industry. We now need to translate our commitments into tangible results, which truly turn the dial.
“I am pleased that we now have more gender diversity on our Board and Executive Committee but am under no illusions that there isn't more that needs to be done to make sure that the leaders of this company better reflect its workforce and client base.”