Gender Pay Parity at Socitm Advisory

We are delighted to share this year’s Gender Pay Gap report, and summarise here the key highlights of that report.

It’s important to note that as we employ less than 250 people we’re not required by government regulations to publish these details, however we feel it is important that we publicly share the difference in average female earnings compared to average male earnings and therefore choose to publish this information.

Our median pay gap = 0.0%

Our mean position = 0.8%

We are immensely proud of achieving full gender pay parity based on our median position (0.0%) and our average (mean) gap at 0.8%, demonstrating a small 28p difference in favour of our male cohort.

As you will see in the full report, we outperform our industry sectors and the UK as a whole, something which we are extremely proud of. And we realise this is the result of almost four years’ worth of proactive action.

We are extremely proud of the results we report. Dedication and devotion to our people strategy from attraction, through recruitment and into long term employee engagement underpins our progress. It’s no surprise that improvements to embed talent management, remuneration committee and personal review interventions have encouraged further progress. This has supported our corporate initiatives to provide the type of workplace that appeals equally to both (and beyond just) genders. In this area, flexible working practices, output focussed goals (over time based), support for personal and professional development and a wide array of Diversity, Equality and Inclusivity initiatives exist to appeal to all. Landing these initiatives and impacting in a sector and an industry that has broadly struggled to make progress at pace is refreshing.

Analysis of the official 2022 Office for National Statistics gender pay data for organisations across the UK shows that the average working woman earns 15% less than the typical working man. This represents a widening position as women's incomes have been hit more adversely, by both the Covid-19 pandemic and childcare costs, than their male counterparts. During the period in which Socitm Advisory has achieved parity, the nation’s pay gap has widened by around 2%.

Going forward, we continue to strive to achieve an integrated set of behaviours and beliefs that permeate throughout our business-as-usual activity and that will continue to contribute to our ongoing success, to ensure we remain focused on maintaining our position.

View the full report here: https://socitmadvisory.co.uk/news/our-2023-gender-pay-gap-report/