Our Numbers: April 5, 2025
Gap in hourly pay (As at April 5, 2025)
The improvement in our mean hourly pay gap this year can be attributed to changes in gender representation driven by hiring and termination activity. The slight increase in the median pay gap is driven by the steady growth in the number of women sacrificing a portion of their pay to pension.
A note on Mean vs Median
- The gap in mean pay compares the average pay of females to the average pay of males.
- The gap in median pay compares the pay of the middle-placed female (when ordered high to low by hourly pay), to the pay of the middle-placed male. This measure can be a useful reference as it is less impacted by the pay associated with a very small number of senior executive roles.
Proportion of males and females by hourly pay quartile
The proportion of males and females in each pay quartile when all individuals are ordered low to high by hourly pay, then divided into four equal groups (Q1=Upper Quartile, Q4=Lower Quartile).
Gap in bonus pay (April 6, 2024 to April 5, 2025)
In 2025, the methodology for calculating bonus pay was updated to account for salary sacrifice schemes in line with refreshed guidance from the UK government. The 2024 metrics above have been recalculated based on the 2025 methodology for a like-for-like comparison. On average, compared to 2024, women sacrificed a higher proportion of bonus pay to pension, while men sacrificed a lower proportion, resulting in increased bonus pay gap.
Since variable compensation constitutes a larger portion of total compensation as seniority increases, the disparity in bonus pay is affected by the higher number of men in senior roles. This gap can vary more annually than the hourly pay gap due to the significant influence of performance differences across business units each year and the gender distribution within those units.
Proportion of males and females receiving bonus pay
Male
Female
This is the percentage of males and females who received a form of bonus pay in the 12 months leading up to April 5, 2025. This is impacted by the number of new hires who joined October 1, 2024 or later who were not eligible to participate in our annual incentive program for 2024, and by those who elected to sacrifice 100% of their annual bonus to pension.
