The Gender Pay Gap is the difference between the average earnings of men and women across a workforce. UK companies with 250+ employees are legally required to report annually on their Gender Pay Gap. Our report covers UK employees, and it’s a snapshot taken by all reporting companies on the same date, in this case 5 April 2023.
In addition, we have divided all UK employees into four pay quartiles based on their hourly compensation. A breakdown of the percentage of men and women in each quartile is provided below.
The actions we’ve been taking to support diversity at Allica have made a tangible difference to our gender pay gap and the level of diversity at Allica. Since the end of 2021, we have increased the number of colleagues who identify as female at Allica from 35% to 42% and the number of colleagues who identify as female in senior manager roles from 16.5% to 35% today. There is still more we need to do in order to improve gender diversity at Allica, but we’re pleased to be making steps in the right direction as a result of the proactive action we have taken.
Allica's gender salary gap at April 2023 | |
Mean | Median |
28.5% | 39.8% |
Between 5th April 2022 and 5th April 2023, Allica’s mean gender pay gap was 28.5%. The key driver of this gap is the number of colleagues in our technology and distribution teams, where the salaries tend to be higher and the industry talent pool is heavily skewed towards males. It is also driven by the number of female colleagues in our operations team where roles tend to be more junior. This can be seen in our pay quartiles, where in the top two quartiles we have a higher male representation and in the bottom quartiles we have a greater female representation.
Allica's pay quartiles | |||||
Male | Female | Male % | Female % | ||
Upper hourly pay quartile | 69 | 18 | 79.3% | 20.7% | |
Upper middle hourly pay quartile | 66 | 21 | 75.9% | 24.1% | |
Lower middle hourly pay quartile | 41 | 46 | 47.1% | 52.9% | |
Lower hourly pay quartile | 33 | 54 | 37.9% | 62.1% |
We’re proud that 50% of the people we hired into technology roles in 2023 were female. However, the majority of these were in junior to mid-level roles, with the talent pool for more senior technology roles skewing heavily male. We’re committed to developing our colleagues internally, which can be seen in 16.1% of internal promotions during 2023. As we continue to invest in colleague development, we expect to see more of these junior colleagues progress to senior roles across the bank.
In the same period, Allica’s mean bonus gender pay gap was 26.7%. We recognise that this gap is largely perpetuated by the lower representation of women in the most senior roles during this period. However, it’s important also to take into account that these numbers include a deferred bonus from the previous year (paid in September 2022) when the work we’d done to improve our gender diversity had yet to take full effect.
Allica's bonus gender pay gap as at April 2023 | |
Mean | Median |
26.7% | 43.5% |
The bonus gender pay gap calculations also do not take into account bonuses paid as shares. Because of this and because of the inclusion of a deferred bonus from a previous year, this is not a true representation of variable compensation at Allica.
We’re pleased that Allica has already made significant jumps forward in improving our gender pay gap. Our mean salary gender pay gap has reduced by nearly 5% from 28.5% to 23.9%.
Allica's mean gender salary gap – April 2023 vs March 2024 | |
April 2023 | March 2024 |
28.5% | 23.9% |
There are a number of reasons for this: