Today we're releasing our 2022 Gender Pay Gap Report, with the aim to publicly hold ourselves to account for progress on gender equality within our workforce.
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. Our report covers UK employees, and it’s a snapshot taken by all reporting companies on the same date, in this case 5 April 2022.
In addition, we have divided all UK employees into four pay quartiles based on their hourly compensation. A breakdown of the percentage of men and women in each quartile is provided below.
Although our Gender Pay Gap report only includes 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
Revolut continues to hire talent from across the globe for many of our roles. Between our 2021 and 2022 report, our UK team grew by 32% (52% globally). As of April 5, 2022 we are proud to say that 35% of our global workforce were women, a 3% increase from 2021. For the same period, 24% of our UK employees were women, a 1% increase from 2021.
While we still have work to do, we’re pleased to report that our median pay gap narrowed for the second year in a row (now at 22.2%, a 2.9% reduction). Disappointingly, our mean pay gap (25.4%) increased slightly compared to 2021 (22.7%). We are committed to analysing this gap to identify what’s causing this disparity. Our focus is on decreasing the pay gap and improving representation for women at all levels across Revolut, particularly within our senior roles.
We’re also pleased to have seen significant reductions in our bonus gap, with a 38.4% reduction in our mean bonus gap and a 6.9% reduction in our median bonus gap. Previously, more male employees were exercising bonuses (29.3%) compared to women (21.9%). One possible explanation is that employees are only able to exercise their bonuses after a certain period of time (vesting period). As we continue to hire and retain more women, we expect this figure to increase as the option to exercise bonuses becomes available.
We’ve been working hard to increase the number of women in higher paid positions, and we’ve made progress. We saw a 1.8% increase in the percentage of women in the upper middle pay quartile compared to 2021. The number of women in the upper pay quartile was steady at 11.4%.
Percentage of men and women in each hourly pay quartile
We recognise that a large contributor to the under-representation of women in tech, finance and engineering positions can be linked to wider societal issues. However, as a growing business, we have a responsibility to remove barriers to entry that may exist for women, both in our organisation and in the types of roles we hire for here at Revolut.
What we’re doing to reduce our Gender Pay Gap
To reduce our Gender Pay Gap, we will continue to focus on ensuring more women are provided greater opportunities to be hired or promoted into higher paying roles. Since reporting our 2021 Gender Pay Gap, we’ve taken the following steps:
- Signed up to the Women in Finance Charter, committing to increase the percentage of women in leadership roles to 30% by 2025. We will be focusing on recruitment, retention and internal progression
- Hosted a series of speed mentoring events to support women’s career development. Over 400 female Revoluters attended, with 93% of participants saying the event would “positively support their career development”
- Ran our first reverse mentoring programme, piloted with women employees to provide support and guidance around career progression
- Incorporated tracking and formal controls in our promotion process to ensure gender equity in nominations and promotions
- Launched our new promotion philosophy to provide greater transparency and additional opportunities for career progression. In Q4 2022, of all eligible employees to be nominated for promotion, 19% were women and 20% were men. For successful promotions as a proportion of nominations, 67% were women and 66% were men
- Launched the Revolut Ira Scholarship, which identifies and rewards female leaders of the future. This scholarship started in India with expansion planned for other markets
We know there’s lots to do on Diversity, Equity and Inclusion (DE&I), and we know we’re up to the challenge. Here’s a handful of the initiatives we’ve committed to over the next few months:
- Our talent development programme will build a pipeline of future leaders who are able to achieve their full potential. This will also provide employees with the guidance, support and resources for success at Revolut
- Continuous and ongoing review of our employee policies. Ensuring all our policies support underrepresented groups
- Using data and analytics to drive our policies around recruitment, promotion and retention. This will enable us to identify and address root causes of issues and create targeted strategies to promote a fair and equitable workplace
- Continued partnership with our employee guilds tackling DE&I
- Launching new learning resources to help improve colleague awareness and understanding on topics relating to DE&I
Quote from Nik Storonsky, Co-founder and CEO, Revolut:
It is crucial that our products and services, used by millions across all demographics, are built by an equally diverse group of Revoluters. We are committed to becoming a fully inclusive organisation. Reducing our Gender Pay Gap is an important part of this mission.
I confirm the data reported is accurate.
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