Nationwide Building Society has reported a 6.4% mean ethnicity pay gap for 2023, down 1% from 2022.
The organisation’s 2023 median ethnicity pay gap was 10%, up 0.4% from the prior year. Its mean ethnicity bonus gap was 21.3%, down 11.5% from 2022, and its median gap was 17.2%, up 3% from the previous year. A total of 94.6% of non-ethnically diverse and 88.1% of ethnically diverse employees received a bonus that year.
Nationwide Building Society’s 2023 mean gender pay gap was 27.5%, down 2.5% from 2022, and its median gap was 32%, down 2.4% from the prior year. Its mean gender bonus gap was 39.9%, down 3.8% from the previous year, while its median gap was 38.7%, up 6.4% from 2023. A total of 87.5% of men and 87.9% of women received a bonus during the year.
The building society’s gender pay gap and ethnicity pay gap report takes account of the prescribed calculation method, which includes a one-of £500 payment made as part of its annual pay review in April 2023. As its pay review returns to July this year, the payment’s impact will be temporary, so it also calculated its pay gaps, apart from the bonus gaps which are unaffected, without the payment. Its mean gender pay gap was 22.2% and its median gap was 22.4%, while its mean ethnicity pay gap was 5.8% and its median gap was 7.8%.
A Nationwide Building Society spokesperson said: “At Nationwide, our aim is to build a culture where everyone can be themselves and thrive, and for our society to reflect the diversity of the wider communities we serve. We are pleased that we have made progress with both our gender and ethnicity pay gaps. We continue to work hard to improve inclusion and diversity within the society.”