Under the UK Government’s new Gender Pay Gap Regulations, employers in Great Britain with more than 250 employees need to report their gender pay gap.
Hyde employs over 1,200 people across London, the South East and Peterborough. Our staff are at the heart of what we do, we remain committed to the promotion of equality and we value the diversity in our staff.
This report looks at our current gender pay gap and identifies the work we still need to do. The data provided is accurate as of April 2017.
The following calculations make up the information required by the new regulations.
The mean shows the difference in average hourly pay between men and women.
Our mean gender pay gap is: 12.9% (lower for women)
The median shows the difference between the middle paid woman and middle paid man.
Our median gender pay gap is: 4.1% (lower for women)
This is where all the salaries – both men’s and women’s – are sorted by size and divided into equal quarters. The pie charts below show how men and women are spread throughout the organisation by salary brackets, from highest to lowest.
- Top quartile is made up of 54% males and 46% females
- Upper middle quartile is made up of 39% males and 61% females
- Lower middle quartile is made up of 47% males and 53% females
- Lower quartile is made up of 36% males and 64% females
Bonus pay gap
The proportion of employees who receive a bonus is
Understanding our gender pay gap
Even though it is lower than the UK average gender pay gap, we recognise that there is a gender pay gap at Hyde, with men being paid more than women.
Our salary ranges are built around paying the market median. Our analysis has shown that there are proportionally fewer females in higher paid senior roles. When we looked at the proportion of males and females in each quartile pay band, the figures showed that the quartile representing the lowest paid employees contained the largest proportion of females. In the upper quartile, the reverse is true, with males making up 54% of staff receiving the highest pay.
This means that Hyde’s gender pay gap does not stem from paying men and women differently for the same or equivalent work, but rather it is due to females being under-represented at the more senior levels at the time of reporting. This is something we are working on.
We have a female CEO, and the proportion of females in Director roles and the Executive Management Team has already increased from when we gathered this report’s data. The proportion of females in Director roles has increased by 11% to 47% and the proportion in the Executive Management Team by 10% to 50%. It should also be noted that the gender pay gaps for the Executive Management Team and the Board show females were paid slightly more than males in April 2017 when we gathered this report’s data.
Our gender bonus gap
Hyde also has a gender bonus gap. The regulations make clear that the calculations for the gender bonus gap do not take into account those who receive a reduced bonus due to working part-time. Therefore, on this basis, the mean gender bonus gap shows men are paid 8.8% more than women and the median gender bonus gap shows men are paid 1% more than women.
Since flexible working is important to us and 87% of our part-time workers are female, we have also calculated the gender bonus gap using the full-time equivalent bonus. Using this methodology, the mean gap reduces to 6.1% and the median gap to 0%.
The mean gender bonus gap is likely to be due to the fact there is a higher proportion of men in the higher grades who are in receipt of our senior staff bonus. The senior staff bonus is based on a percentage of salary rather than being paid as a flat rate, the latter being the case for our ‘all staff’ bonus.
How we’re closing our gender pay gap
We are dedicated to reducing the gender pay gap. We will be utilising Hyde’s succession planning practices to reduce the gender pay gap by:
- Ensuring development opportunities are identified and available for women and all under-represented groups through the Hyde Academy
- Monitoring talent programmes to ensure women are represented accordingly
- Promoting talent programmes and our career builder tool specifically through Hyde’s Women’s network
- Monitoring recruitment at senior levels.
Beyond gender, we are committed to ensuring we are a diverse and inclusive employer. We aim for our workforce to be reflective of the communities we work in and to maintain and benefit from the different perspectives our employees offer.