HL Gender Pay Gap Report 2018
"Diversity, inclusion and giving an equal opportunity to everyone who wishes to progress their career are all extremely important to me. A diverse and balanced workforce is good for our clients, it’s good for building a team with colleagues and it is also important for investors.
We are making good progress but our gender pay gap is not yet where I want it to be. The main reason is the larger numbers of men in senior positions compared to women. We have an action plan to increase the proportion of women in senior roles. We expect the gender pay gap to reduce over time and we are committed to making improvements and to supporting all colleagues who wish to progress their careers regardless of gender or background.
So that tells us why we have the pay gap but frankly what is more important is what we think about it and consequently what we are going to do about it. I think it is disappointing that we have a pay gap. I believe that if we want HL to be successful we must have a diverse and inclusive team. I want to be the CEO of a business that has a culture where everyone understands and believes that they can thrive and develop and progress based upon what they do rather than anything else."
"I’m proud to chair a Board where men and women are equally represented demonstrating our commitment to diversity and inclusion."
Understanding the pay gap
Our progress to date
- Commitment from the Board and senior leadership to fairness, equality, diversity and inclusion
- HL plc Board has a female Chair and equal male and female representation
- HL is a member of the 30% club and has signed the Women in Finance Charter, both committing to increase the number of women in senior positions
- Top 25 in FTSE 100 ranking of Women on Boards and in Leadership - Hampton-Alexander Review
- Greater support for women who take career breaks, through improved maternity and returner programmes and flexible working
The gender pay gap at HL
Pay and bonus gap difference between male and female UK colleagues
|Mean (%)||Median (%)|
|Hourly rate of pay||28.8||18.3|
Proportion of male and female UK colleagues in each pay quartile
|Upper middle quartile||73%||27%|
|Lower middle quartile||61%||39%|
When comparing the average pay, two types of measure are used. The "median“ is the "middle" value in a list of numbers. If all HL colleagues lined up in a female line and a male line, in order of pay from highest to lowest, the median gender pay gap compares the pay of the female in the middle of their line to the pay of the middle man. The "mean" is where you add up all the rates of pay and then divide by the number of people.
The data provided is accurate and has been independently reviewed.
Proportion of males/females who received a bonus payment
Proportion of eligible males/females who received a bonus
We had an unusually low proportion of colleagues receiving a bonus as at 5th April 2017, because of the rate of growth of the business and the number of new colleagues who joined us and were not, at that point, eligible for a bonus.
If we look at the colleagues who were eligible for a bonus at that date, the proportion of men and women who received a bonus is very similar (92.3% vs 90.1%).
Why there is a gender pay gap
We have a greater proportion of men in senior roles as you can see below. These senior roles have higher salaries and higher bonuses. Therefore the average amount men are paid is higher.
Proportion of male and female UK colleagues per role level
As at 5th April 2017
There are a number of reasons why gender pay gaps have happened over time. We know that in the past there have been greater numbers of men working in the financial services, fin tech and tech industries compared to women and this has led to disproportionate numbers of men in senior roles and we can see this is also true of HL. The diversity of our senior leadership team today reflects the historic make up of our workforce.
We have an action plan to increase the proportion of women in senior roles. We expect the gender pay gap to reduce and we are committed to making improvements and to supporting all colleagues who wish to progress their careers regardless of gender or background.
Our gender pay gap action plan
We have a comprehensive action plan which includes: