Today, we’re releasing our first gender pay gap report, for 2020. We look at the data, what it means and how we can use it to continue to improve.
What is the Gender Pay Gap?
The gender pay gap is the difference between the average earnings of men and women across a workforce. UK companies with more than 250 employees are legally required to report annually on their gender pay gap. The report only covers UK employees and is a snapshot taken by all reporting companies on the same date, in this case 5 April 2020.
Revolut’s Gender Pay Gap
At Revolut, we believe our success comes from our people and our culture. We believe that brilliant people operating in a great culture will produce the best results.
We also believe that all our people should be treated fairly. Which means that any two similarly qualified and experienced people doing the same job should be paid the same rate. One might attract higher pay for additional responsibilities, training or experience, and pay reflects the relative costs of living in different countries, but no one may be paid differently on the basis of characteristics like gender or ethnicity.
At the time of reporting, Revolut had 806 UK employees, of which 73% were male and 27% were female. Our report shows that women and men in the same role are paid the same – allowing for experience and seniority – but we have far fewer women than men at senior levels.
Each company divides its workforce by quartiles on the basis of hourly pay. At Revolut, there are similar numbers of women and men in more junior roles (54% men and 45% women in the lowest paid quartile) but there are far fewer women in higher paid quartiles.
It’s important to note that across all companies the gap is highest in higher paid roles, in London, and in technology and engineering. One driver is the high pay needed to recruit first class engineers and developers and the smaller numbers of women in these disciplines.
In our UK business, the median pay gap was 31% (meaning women were paid 31% less) and the mean gap was 23%.
We also measure the bonus gap. In the 12 months up to April 2020 13.6% of men and 7.4% of women in the UK were paid a bonus. The bonus gap is increased by being tied to base salary, so women’s higher numbers in lower paid roles widened the gap in bonus payments.
What are we doing with this information ?
- We have committed to increasing the women in Revolut’s leadership to at least 20%
- We’re reviewing recruitment practices and job adverts, with targets in place for diverse hires across the business. We are also creating a dedicated D&I recruitment team to increase diversity of our recruitment pipeline and to implement robust graduate and internship programmes
- We have good maternity and paternity policies and support for parents and carers, which we’re reviewing against benchmark companies. We need to make these more obvious to prospective and existing employees
- We’re finalising our sponsorship with Women in Tech, which will provide us with networking and mentorship opportunities for our female employees. It will also provide us with access to recruitment channels to target more female candidates
- We’re partnering with Oxford Women in Business to run a series of events on financial literacy for women, as well as to partner on graduate recruitment to help further diversify our entry-level roles
- We celebrate International Women’s Day and Women in Engineering Day, as well as taking part in and supporting Women in Finance and Women in Tech events
- We’re hiring a new diversity and inclusion specialist to increase our efforts in this area
- We continue to support our BAME, Women’s, Pride, Parents and Carers and Wellbeing Guilds (and soon Faith)
This is, and will continue to be, something we strive to improve across the business. We want to do better every year. We will be working with every department to prioritise diversity and equality as we continue to grow our superstar team.
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