Global banking organisation Citi has reported a 1% gender pay gap and a 1% minority pay gap for its employees in Germany, the UK and the US.
Its pay analysis, conducted this year, compared the pay of male employees to female employees, and US minority groups to non-minority groups, accounting for job function, level within the organisation, and location. Initially, the analysis has only explored the pay of employees based in Germany, the UK and the US.
The analysis found that on average, women are paid 99% of what men are paid, and minorities are paid 99% of what non-minorities are paid.
Citi plans to increase pay for both women and US minorities as part of 2018’s compensation cycle in order to help close potential pay gaps for these demographics. Furthermore, the financial organisation will also provide pay rises for other employees where its analysis determined a potential pay gap.
To monitor pay gaps across the organisation, Citi continuously evaluates market conditions to inform pay decisions, and performs rigorous reviews of pay recommendations across the business as part of its annual compensation process.
The organisation revealed its figures in an organisation-wide memo that was sent to employees last week by Michael Murray, head of human resources at Citi.
Michael Murray, head of human resources at Citi, said: “Pay equity is an issue that is rightly receiving a great deal of attention and scrutiny. Data and research consistently point to a pay gap among men and women, and minorities and non-minorities employees, across industries.
"At Citi, our continuing focus on pay equity furthers our goal of being the employer of choice for employees of diverse backgrounds, and it supports our efforts to attract and retain the best talent and reward performance consistent with our leadership standards. These are clear business imperatives for Citi, and we remain firmly committed to them.
“We are committed to continuing to review compensation for pay equity and will continue this analysis in all other countries where we have employees.”
