Financial advice organisation Tenet Group has reported a 28% mean gender pay gap for fixed hourly pay as at 5 April 2017.
The organisation has reported its gender pay gap data in line with the government’s gender pay gap reporting regulations and ahead of the private sector submission deadline of 4 April 2018.
The gender pay gap reporting regulations require organisations with 250 or more employees to publish the difference between both the mean and median hourly rate of pay for male and female full-time employees; the difference between both the mean bonus pay and median bonus pay for male and female employees; the proportions of male and female employees who were awarded bonus pay; and the proportions of male and female full-time employees in the lower, lower middle, upper middle and upper quartile pay bands.
The median gender pay gap for fixed hourly pay is 32% as at 5 April 2017.
The mean gender pay gap for bonuses paid in the year to 5 April 2017 is 11%, and the median gender pay gap for bonus pay is 26%. Over this period, 85% of female employees received a bonus payment, compared to 87% of male employees.
Less than a third (32%) of employees in the highest pay quartile at Tenet Group are women, compared to 49% in the second quartile, 66% in the third quartile, and 72% in the lowest pay quartile.
Tenet Group attributes its gender pay gap to the types of roles that men and women within the organisation perform and the salaries that these roles typically attract. However, of its four group board directors, three are women.
To address its gender pay gap, Tenet Group is undertaking a range of initiatives such as annual salary benchmarking, adopting a proactive approach to internal recruitment, and providing a training budget so that all staff have the opportunity to progress their learning and development. Tenet Group also has an organisation-wide talent development programme and management development programme in place with a 50:50 split of men and women. These programmes are designed to help employees progress into technical and leadership roles.
The organisation has additionally committed to adopting a more flexible approach to work, embracing home working, non-standard working hours, and a combination of home and office working, as well as updated its appraisal form to focus on career and personal development.
Emily Blain (pictured), head of HR and central services at Tenet Group, said: “The Tenet Group is committed to the principle of equal opportunities and equal treatment for all employees, regardless of sex, race, religion or belief, age, marriage or civil partnership, pregnancy [and] maternity, sexual orientation, gender reassignment or disability. It has a clear policy of paying employees equally for the same or equivalent work, regardless of their sex, or any other characteristic.
“Tenet Group is therefore confident that its gender pay gap does not stem from paying men and women differently for the same or equivalent work. Rather its gender pay gap is the result of the roles in which men and women work within the [organisation] and the salaries that these roles attract.
“None of [Tenet Group’s] initiatives will, of itself, remove the gender pay gap, and it may be several years before some have any impact at all. In the meantime, the Tenet Group is committed to reporting on an annual basis on what it is doing to reduce the gender pay gap and the progress that it is making.”
