Gender pay gap report 2022

What is the gender pay gap?

The gender pay gap is a calculation of the difference between women and men’s average pay and bonus across all roles within the business.

Our gender pay gap is driven by the fact that for the time period of the report, most of our more senior roles are filled by men whilst outside our senior roles we have a 49% female / 51% male split.

To close the gap, we want to have a gender balanced population at senior levels of the organisation.

This report provides our statutory data, which we’re required by law to report to the government each year, along with a clear explanation of the figures and what we’re doing about them.

Download our Gender pay gap report

Closing the gap

Here’s some of the activity and commitments we’ve put in place over the last year to support greater gender diversity:

Inclusion reminders

Our applicant tracking system provides hiring managers guidance, throughout the candidate journey, highlighting the importance of a fair and consistent selection process.

People Leader training

Our guidance for recruitment covers topics around subconscious bias, gender equity and the importance of diversity.

Gender balanced candidate shortlisting

An ongoing commitment to create candidate pools of balanced gender split when recruiting for all roles.

Job adverts

We ensure the language used in our role profiles and adverts is gender-neutral and free from implicit bias.

Salary benchmarking

During our salary review process, gender is one of the factors we look at to ensure consistency and equality across roles of the same type and level.

Our progress in the last year

We firmly believe that diversity of thought is required to guide and oversee the next chapter of our growth.

In 2022, we made progress in promoting gender equality across a number of areas:

The proportion of women hired to join our senior leadership team has significantly increased, with a hire rate of 45% in 2022 (9 female senior hires and 11 male senior hires), up from 30% in 2021.
We added two new female board members, increasing female representation on our board to 40%.
In December 2022 we launched the Nucleus Foundation, with a desire to support charities and organisations that specifically encourage more women into financial advice and planning careers.
We’ve also almost reached our 2023 Women in Finance Charter target of 40% women in senior roles (37% as of May 2023).
We regularly review and monitor our salary and bonus processes to ensure pay equity in like for like roles across the group.
Throughout 2022, the proportion of new hire women in our senior leadership team has significantly increased, with a hire rate of 30% in 2021 (10 senior hires were made, of which 3 were female) to 45% in 2022 (9 female senior hires and 11 male senior hires).

As an overall group, we’re reporting that women were paid a mean average bonus of 63.2% less than men (median 22% less than men).

A higher proportion of women received a bonus than men in 2022 (87.5% vs 83.9%).

Lower quartile

Lower middle quartile

Upper middle quartile

Upper quartile

Representation of women was higher in three out of four pay quartiles.

Our combined group data

Our gender pay gap

We’re encouraged to see our gender pay gap continuing to narrow in certain areas, but the gap continues to be driven by a gender imbalance in our most senior roles – it doesn’t reflect unequal pay for work of equal value.

Our 2022 mean gender pay gap was 27.6% (median 15.9%), broadly flat in 2021, and similar to the financial services industry, which PWC reports to be 26.6% mean for 2021.

Explore the full report

The government’s mandatory gender pay gap reporting requirement is the disclosure of four prescribed statistics:

Mean and median gender pay gap
Mean and median bonus gap
Proportion of women and men receiving a bonus
Proportion of women and men by quartile pay band

Download our Gender pay gap report