Today we're releasing our second gender pay gap report for 2021, with the aim to publicly hold ourselves to account for progress on gender equality.
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 250+ employees are legally required to report annually on their gender pay gap. The report covers UK employees, and it’s a snapshot taken by all reporting companies on the same date, in this case 5 April 2021.
Although our gender pay gap report only considers people who identify as men and women, as a company, we’re committed to treating all Revoluters fairly, including those who are trans, non-binary or any other gender identity.
Revolut’s gender pay gap
Our gender pay gap reports that women earn 25.2% (median) and 22.7% (mean) less than men, on the basis of hourly pay. Despite this being an improvement from our 2020 report, we’re determined to reduce the gap at a much quicker rate.
We’ve also divided our workforce by quartiles on the basis of hourly pay. At Revolut, there are fewer women than men in each quartile, but the proportion is much greater in higher paid roles. Despite a large reason for this being the under-representation of women in tech, finance and engineering occupations across the UK in general, as a growing business, we have a role to play in removing any barriers to entry that women face, both in our organisation and in the types of roles we require here at Revolut.
When it comes to our bonus gap figures, we’ve reported a small reduction in both our mean and median bonus gap. As our bonuses are remunerated in equity, our figures reflect options exercised by colleagues in the year rather than those awarded. Given this, our bonus gap figures are not an accurate reflection of the bonuses awarded in this period. We’re currently analysing our notional bonus gap, and intend to report this in our future reports.
What we’re doing to reduce our gender pay gap
Since reporting our 2020 gender pay gap, we’ve taken the following steps:
- Launched our Diversity & Inclusion (D&I) Framework, aimed at accelerating progress on this important topic. The framework is made up of eight strategic pillars, with focuses including strengthening senior leadership advocacy and supporting the development of diverse talent
- Appointed a D&I specialist, who holds responsibility for the design and delivery of our D&I framework
- We are now Gold Sponsors of the Women in Tech Forum, which provides female Revoluters with development and networking opportunities
- We’ve extended our Maternity Leave provision in the UK from 16 to 26 weeks
- Listened to the experiences of Revoluters across the globe in February 2022 through D&I focus groups
- Relaunched #CountMeIn, our diversity data collection campaign to help us better understand where we need to focus our efforts in relation to D&I. So far, over 40% of Revoluters have shared their diversity data with us, and we hope to encourage more colleagues to do the same over the next few weeks and months
- In March 2022, over 100 female Revoluters attended three speed mentoring events, aimed at supporting their career development
We know there’s lots to do on D&I. And we know we’re up to the challenge. Here’s just a handful of the things we’ve committed to doing over the next few months:
- We’ve commissioned Business in the Community (BITC) to run training on diversity and inclusion with our ExCo
- To support our existing targets on diverse hiring, we’re currently working with our recruitment team to review the inclusivity of some of our key recruitment and selection activities and processes
- We’re reviewing our employee policies to make sure they support all our diverse colleagues
- We’re launching new learning resources to help improve colleague awareness and understanding on topics relating to D&I
- We’ll be launching a scholarship programme focused on encouraging female students to consider job opportunities at Revolut. This will be piloted in India
Quote from Nik Storonsky, Co-founder and CEO, Revolut
As we build the global financial super app, it’s critical that we continue to raise the bar when it comes to hiring and retaining the best talent. This year’s UK Gender Pay Gap Report demonstrates that we must do more to ensure women are provided with fair and equitable opportunities here at Revolut. As CEO, it’s my duty to make this a reality, so that next year and in the years following, we can report an ever greater reduction in our Gender Pay Gap.
I confirm the data reported is accurate.
Nik Storonsky - Co-founder and CEO, Revolut
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