Virgin Money reports 26.4% mean hourly gender pay gap

Virgin Money pay gapVirgin Money has reported a 26.4% mean hourly gender pay gap for 2023.

This is lower than its 32.5% gap for hourly fixed pay at April 2017 and 36% in April 2016.

The financial services firm’s median hourly pay gap was 34.6%, with 61.2% of males and 38.8% of females in its upper pay quartile, and 31.4% of men and 68.6% of women in its lowest pay quartile.

Meanwhile, its mean bonus pay gap for 2023 was 39% and its median gap was 20.9%. A total of 89.5% of males and 90.2% of females received a bonus payment.

As of September, the firm has three female and five male board members, and 239 female and 224 male senior leadership employees. Across its entire workforce, 4,702 (58.4%) workers are female and 3,343 (41.6%) are male. The organisation has more men than women in its upper quartile and more women in its customer-facing roles, which are often more junior.

Syreeta Brown, group chief people and communications officer at Virgin Money, said: “Inclusion is central to that purpose, and that’s why we have been focused on tackling barriers to address the gender pay gap since we began to publish our data seven years ago.

“We recognise that we have more to do, however, we are seeing sustained progress as a result of taking a long-term, strategic approach to the challenge and we are pleased to see that this has contributed to a year-on-year reduction in both our mean and median gaps in 2023. We need to be relentless in our work to ensure that our diversity, equity and inclusion strategy is fully embedded in every facet and level of our business.”