Gender Pay Gap

Global Data

Gender Pay Gap refers to the difference in average pay between the male and the female portion of the workforce, reflecting any difference in average seniority in roles throughout the organisation between men and women.  Where there are more men at the senior level, the average male salary is higher than the average female salary and the average bonus will also be different.

The mean gender pay gap in Efficio is 21% which is an improvement of 3 percentage points from last year’s data (2016-17), and which is as a result of the high representation of men in senior positions.  
Our pay structures are linked to seniority and performance, meaning that bonuses have an equal impact on the pay gap as the base salary. Our internal pay analysis shows that we award bonuses to an equal proportion of women and men and pay the same level of bonus to men and women at the same grade.  However, because bonuses increase with seniority, the mean bonus of female employees is 45% lower than that of their male colleagues. Again, this has improved, by 7 percentage points year on year; in 2016-17, the mean bonus for female employees was 52% lower than that of their male colleagues. 

The improvements in our gender pay gap figures can be attributed to the increasing number of women we have in middle management (the upper middle quartile in particular). Per the table below, the proportion of females in the upper middle quartile pay band is now at 27%, a 9 percentage points increase from 18% in 2016-17. 

The proportion of Efficio employees in each quartile pay band: 

 

Quartile Pay Band

Male

Female

Upper

81%

19%

Upper Middle

73%

27%

Lower Middle

83%

17%

Lower

68%

32%

Total

76%

24%


Activities and Plans

We continue to work on supporting the promotion of our women to the most senior levels in the business and attracting female employees across all levels.  As a growing business, hiring across all our jurisdictions, we have the opportunity to change the gender composition of our workforce more quickly than a static business would, but we face challenges.  

We recruit talent with strong analytical and numerical skills; typically, these individuals have a STEM background and women are still a minority in this field.  To diversify the candidate profiles which are invited to interview, we now recruit talent with non-scientific/numeric degrees, if such candidates can demonstrate strong grades in maths or science at A-level. We have also rolled out ‘unconscious bias’ training for all senior staff, including interviewers, to tackle unconscious bias in both our recruitment process and our bi-annual performance review processes.

We are involved with a range of activities aimed at encouraging female quantitative graduates to launch their career in Efficio. We have established a presence in female-targeted graduate events, the biggest of which was STEM Women in June 2018. Internally, women at all levels are invited to participate in Efficio Women’s Network, providing our women with an opportunity to share their experiences, accelerate their learning and get the support of the community of female colleagues.

We will continue to engage with addressing the challenge of recruiting more women into our business and then enabling them to reach the most senior levels in the business.  This is an ongoing commitment actively supported by the Board.