UK Gender pay report 2022 and 2023
April 04, 2023
April 2023
At GLG, we believe in the significant benefits that derive from a fair and diverse organisation. Gender equality is just one element of how we strive to create a truly inclusive workplace. We’re committed to equal pay and fostering a fair and transparent environment where employees are rewarded based on their position, competencies, performance, and contribution. And we will continue to promote diversity and inclusion through our policies, training, awareness events and commitments as well as through our internal promotion and recruitment processes.
What is the gender pay gap?
The gender pay gap is the difference between the average earnings of male and female employees in our UK business, covering standard and variable pay. It is influenced by a range of factors, in particular the demographic of a company’s workforce.
Is gender pay gap the same as pay equity?
No, they are very different concepts. Pay equity means that two employees with similar credentials who perform the same or substantially similar work should be paid the same, irrespective of gender. Thus, it makes allowances for differences in position, education, tenure, or experience. The gender pay gap does not make any like-to-like comparisons but rather just looks at compensation of men versus women – irrespective of position, experience, tenure, education – across an entire organization.
Pursuant to the UK’s Gender Pay Gap regulation, GLG was required to report gender pay gap data for the 2021 to 2022 reporting year on April 4, 2023. However, consistent with our commitment to transparency, GLG has elected to report data for 2022 and 2023 simultaneously.
We note that the percentage of women amongst our UK professionals has increased since we first started reporting in 2021. Most notably, today, women represent 56.3% of our UK top earners (i.e., our Upper Quartile), and 66.3% of our Upper Middle Quartile. This represents an increase of 7% and 4.3%, respectively, since 2021. Further, our average hourly pay gap has improved 3.4% since 2021 and our average gender pay gap for bonus pay has improved 21.4% since 2021.
Over the last two years, we have seen an increase in our hiring of women across the organization. However, it’s important to note that we tend to hire at more junior levels, and then promote from within, which has resulted in women making up a greater percentage of our Lower and Lower Middle Quartile pay groups (78.5% and 65% in 2023, respectively). This, consequently, impacts our median pay gap (the comparison of pay and bonus earnings for the middle female and male employee when put in ascending order). We’re proud of the representation of women throughout our organization – and we remain committed to hiring and promoting women as part of our ongoing efforts to delight clients and work with the top experts in the world.
I confirm that the data reported under the Regulations is accurate and meets the requirements of the Regulations.
Laurence Herman