Engineering GREAT the IMI Way

Transcription

1 Engineering GREAT the IMI Way IMI plc UK Gender Pay Report 2017

2 In April 2017 the UK government introduced Gender Pay Gap regulations which required companies with 250 or more employees to publish the difference in pay for men and women across the UK organisation. UK employees represent only 12% of IMI s global workforce, meaning the vast majority of global employees are not covered by these regulations. The gender pay gap differs from equal pay, which reflects the pay differences between men and women who carry out the same jobs, similar jobs or work of equal value. Across IMI we are confident that men and women are paid equally for doing equivalent jobs. Our commitment to equal pay is reinforced by our fair and inclusive recruitment policies and a robust pay structure that utilises grades/bands and external benchmarking to set pay. Having a broad talent pool provides IMI with an optimal mix of experience, skills and ideas. We are committed to ensuring we continue to recruit, retain and develop a diverse and talented global workforce. The Gender Pay Gap regulations require IMI to report:» The difference in mean and median pay between men and women calculated on the basis of equivalent hourly pay rates (Hourly pay gap);» The differences in mean and median bonus pay between men and women (Bonus pay gap);» The proportion of men and women receiving bonus pay in a year (Bonus receipt gap); and» The distribution of men and women between pay band quartiles, calculated using the range of hourly pay rates (Gender and pay quartile distribution).

3 IMI Gender pay gap results IMI s Gender Pay results are calculated for 1,021 employees, working for eight IMI companies in the UK. Although we are only required to report figures for one of our legal entities, Norgren Ltd, we have voluntarily disclosed our gender pay gap across the whole UK organisation. We feel this is important to better understand our gender pay gap at a UK-wide level, the reasons for it and in keeping with our commitment to transparency. All UK Mean Median Pay difference between women and men The above diagrams show that the median average pay for women in the UK is 25.1% lower than that for men. Bonus difference between women and men Norgren Limited 36.5% 25.1% 27.8% 28.7% 80.9% 68.4% 72.5% 82.1% Men Women Proportion of UK employees receiving a bonus 31.0% 34.1% 31.2% 29.9% Gender and pay quartile distribution Lower quartile Second quartile Lower quartile Second quartile 47% 32% 56% 32% 53% 68% 44% 68% Third quartile Upper quartile Third quartile Upper quartile 15% 16% 10% 10% 85% 84% 90% 90%

4 Analysing IMI s gender pay gap There is a 73% male, 27% female gender distribution in the UK organisation, which is typical of the Engineering sector in which we operate. We recognise that our results are borne from women being under-represented in technical and senior functional roles across our business and across the Engineering sector more generally. It should also be noted that IMI s executive level management including our most senior functional, technical and engineering roles are in many cases based within our UK headquarters location. Like many Engineering companies, IMI has to work hard to recruit as many women as men into technical roles, which are typically higher paid roles. Currently, only 15% 1 of engineering graduates, and less than 10% 1 of all engineering professionals are women which limits the supply of female technical talent. 1 Source: WES research published in January 2018 How we are addressing the gap IMI has a clear Diversity and Inclusion policy that stresses the need to recruit and retain best in class talent that fully represents each of the geographies and markets in which we operate. Fundamental to that policy is building a workplace that is demonstrably inclusive and where employees feel they can develop and give their best. We are addressing our gender pay gap by building on our existing diversity and inclusion practices. Each Divisional IMI Executive team now has specific personal objectives relating to diversity that are relevant and specific to their businesses. IMI has a truly global approach to addressing diversity issues and has introduced a number of best in class initiatives, including identifying diverse sources of top talent in the markets in which we operate, to expand our talent pool and candidate reach during recruitment. Additionally, our remuneration policies are designed to support gender diversity through flexible working practices and HR policies that support a balance of work and family life for men and women. Attracting and retaining a diverse and talented workforce is fundamental to the success of our business. We are committed to supporting the drive for equality and positive change across the industry and intend to monitor and seek to drive realistic and sustainable improvement in our performance against both gender pay gap regulations and more generally our Diversity and Inclusion policy. We confirm that the data reported is accurate. Mark Selway CEO Geoff Tranfield Group HR Director

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