Investment and law firms worst for gender pay gap; Wellington reveals largest gap

The figures do not account for situations where women work fewer hours than their counterparts, and does not highlight if women are paid less for doing the same job as a male employee. However, it does show, in many cases, that women are less likely to be in the top quartile of paid earners.

Asset manager Wellington Management International had the largest median pay gap report at 44.7% - calculated by subtracting the median pay of women employed at the firm from the median pay of men. While fewer women received bonuses than men, by three percentage points, the median bonus gap was 84.6%. The mean figures were 30.7% and 73.6% respectively.

A spokesperson for Wellington said: "We are confident that men and women at Wellington are paid equally for work of equal value. We also believe that diversity of talent and thought are central to delivering high-quality service and investment outcomes for our clients.

"As a result, we remain steadfastly committed to achieving greater levels of diversity and gender balance throughout our organisation."

Law firms Travers Smith and Linklaters came in with the joint second worst median figure, with a 39.1% median pay gap; the former had a 14.8% mean pay gap while the latter's was 23.2%.

At Travers Smith, although 0.8 percentage points more women received bonuses, for every pound of bonus paid to a man women received just 21.6 pence on average; on a mean basis, the equivalent was 62.2 pence.

Its HR director Moira Slape commented: "Our current data is informed by the fact, that along with most other law firms, we have a high number of females in more junior roles who are paid lower salaries. This is the key factor which drives our median pay figure. However, we remain focused on pursuing our progressive diversity and inclusion agenda, which includes our commitment to improving our gender balance and related policies in the firm."

For Linklaters, 2.5 percentage points more women received bonuses, although the bonus pay gap was 62.1% on a median basis, and 57.9% on a mean basis.

Among consultants and insurers, Just Group fared worst with a 37.8% median pay gap - or 45.8% on a mean basis. It also recorded a 50% median bonus pay gap, and a 58.5% mean gap, with women receiving more bonuses by 0.5 percentage points.

The Universities Superannuation Scheme (USS) was one of a handful of pension schemes that were required to report, and revealed a 35.2% median pay gap, and a 37.2% mean gap. On bonuses, these figures were 53.4% and 59.2% respectively, despite women receiving more bonuses.

A spokesperson for USS said: "As with many financial services organisations and companies, USS has a greater proportion of men than women in senior roles, which drives a gender pay gap in the hourly rate of pay and this also means that we have fewer women in roles where the scale of the bonus potential is greater. Ensuring greater workplace diversity is an issue of great importance to USS - we are an organisation that is committed to equal opportunities for both men and women - as well as being an industry wide challenge."

Old Mutual Wealth had the highest median pay gap among providers, at 35%, with a mean gap of 39%. The bonus gap was 49% on a median basis and 80% on a mean basis, with one percentage point more women receiving bonuses.

Among public bodies, the Bank of England recorded the worst gap, with 24.2% median and 21% mean gaps for pay, and 25.6% and 23.6% respectively for bonuses. Women again received more bonuses by two percentage points.

Pensions and Lifetime Savings Association (PLSA) head of governance and investment Joe Dabrowski said it was important pension funds took note of these figures when investing.

"The vast majority of pension schemes agree that the composition, stability, skills and engagement levels of a company's workforce are an integral part of their long-term performance," he said. "As long-term investors with £2.2trn of assets under management, UK pension schemes are acutely interested in how the companies they invest in perform against these criteria.

"It is important to remember that pension fund members are not just invested in companies through their pension saving - they are also workers in those business. So the workforce cultures they experience day-to-day are influenced by how pension funds steward their investments."

The trade body itself was not required to report as it has fewer than 250 members of staff, but has previously voluntarily done so for the 2015/16 financial year. At April 2016, the PLSA had a 23% median pay gap and a 19% mean pay gap. For bonuses, there was an 18% median gap and a 2% mean gap, although 25 percentage points more women received bonuses.

Not all firms are required to have reported, and some firms may not have been included in this analysis.

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• Topics
• Law and Regulation
• diversity
• Travers Smith
• Wellington Management
• Just Group
• Universities Superannuation Scheme
• PLSA
• Pensions and Lifetime Savings Association
• Old Mutual Wealth
• Bank of England
• Joe Dabrowski
• data
• Gender pay gap
• HR