INCLUSION, DIVERSITY & THE GENDER PAY GAP

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1 INCLUSION, DIVERSITY & THE GENDER PAY GAP

2 FOREWORD I firmly believe that the savings and investment industry will be stronger, and deliver greater benefits to customers and society if we create a more inclusive culture. An inclusive culture can help attract the best talent into the industry. Diversity of people and thought within teams can improve decisionmaking by reflecting different perspectives, avoiding group think and our natural human biases. Quite simply diversity is good for business, colleagues and customers. At Old Mutual Wealth we re driven by three core values: pioneering, dependable and stronger together. The latter means that we embrace and harness our diversity, knowledge and relationships to create better outcomes for colleagues and customers. I am firmly committed to building a more inclusive culture and diverse colleague community. I acknowledge there is more we need to do to translate this commitment into practice and there is more that I need to do, including increasing the gender balance and diversity of my Executive Committee. Being a proud supporter of the HM Treasury Women in Finance Charter and the Diversity Project helps us cement our commitment to diversity but it s action that counts at the end of the day. As the Old Mutual Wealth Executive Sponsor for diversity, I will provide active and visible leadership in our shared goal of creating a more diverse and inclusive business. ABOUT US We are a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow. We have an adviser and customer offering with 138.5bn in customer investments (as at 31/12/2017). We employ 4,388 * colleagues across the UK and international markets (as at 31/12/2017). * All permanent employees and contractors. PAUL FEENEY CEO, OLD MUTUAL WEALTH 2

3 OUR APPROACH TO INCLUSION AND DIVERSITY We want to foster an inclusive culture that attracts the best talent and diverse perspectives irrespective of people s age, gender, ethnicity, disability, religion, sexual orientation, educational or social background. We believe this is good for our people, good for our customers and good for business. Whilst we have made a start we acknowledge that there s more work to do, both as an individual company and as part of the wider savings and investment industry. We have identified a number of priorities for us to establish solid foundations in order to achieve our ambitions. WE WILL: 1. Foster an inclusive culture by raising awareness of inclusion and diversity, including the potential for unconscious bias, through training and our employee diversity network. 2. Attract diverse talent by using a range of new recruitment channels such as the Old Mutual Wealth Returner Programme and requiring diverse shortlists. 3. Improve the measurement and monitoring of our diversity by collecting more data from applicants and colleagues, monitoring and reporting on our progress. 4. Collaborate with others to tackle barriers to diversity within the investment industry, through the Diversity Project, Investment 2020 and the HM Treasury Women in Finance Charter. Old Mutual Wealth is a proud signatory of the HM Treasury Women in Finance Charter which seeks to improve gender balance at all levels across the financial services sector. The Charter commits firms to support the progression of women into senior roles by focusing on the executive pipeline and the mid-tier level; setting, and reporting on, targets for gender diversity in senior management. We are founding members of the Diversity Project which is a collaborative initiative that brings investment and savings firms together to accelerate progress towards an inclusive culture in the investment profession. The Project shares best practice and identifies ways to help create a more diverse industry at all levels from intake to senior leadership and the board. 3

4 GENDER BALANCE Whilst we interpret diversity in its widest sense, covering a range of characteristics, we recognise that the investment industry has struggled to achieve gender balance within senior management levels. This position is reflected in our own organisation where only a third of our senior management* are female. We want to address this and create more gender diversity in senior positions. To underline our commitment we are a proud signatory to the HM Treasury Women in Finance Charter which requires firms to work together to build a more balanced and fair industry. As a signatory we pledge to promote gender diversity by having clear executive level accountability as well as setting targets for gender diversity in senior management and reporting progress against these every year. Our CEO is the Executive Sponsor for diversity in our business. Additionally, our whole Executive Committee is also responsible for championing an inclusive culture in their respective areas of the business; they all have diversity objectives in their performance scorecards and their remuneration is linked to performance against these objectives. In 2017 we set our target for gender balance in senior management; a minimum of 35%, but aiming for 40% of senior management * being female by the end of OLD MUTUAL WEALTH BOARD 64% 36% SENIOR MANAGEMENT* 67% 33% ALL COLLEAGUES 52% 48% As at January 2018 * In line with the Hampton-Alexander Review we define senior management as our Executive Committee and their direct reports. 4

5 GENDER PAY GAP The gender pay gap measures the difference in the average hourly pay between men and women in an organisation. New legislation * has been introduced to tackle gender inequality in the workplace by increasing transparency around the gender pay gap. Under the new rules employers with 250+ employees are required to measure and report their gender pay gap information each year. The legislation requires information to be disclosed via the Government s online portal ** for each individual employer entity. To provide a picture across our whole organisation we have reported our overall gender pay gap data in this paper in addition to the mandatory report required by law. It s important to differentiate between the gender pay gap and equal pay. Equal pay is about ensuring that people performing the same role (or work of equal value) receive equal pay, regardless of their gender. As part of our annual performance management and pay review process we ensure that our people are being paid fairly based on their role, responsibilities, experience and performance. Gender pay gaps can be caused by a variety of factors, but typically the most significant cause is the distribution of men and women at different seniority levels, and pay grades, in an organisation. The smaller the proportion of women in senior, higher paid, roles, the larger the pay gap is likely to be. We are required to report the mean and median hourly pay gap and bonus gap as at 5 April each year, the proportions of men and women in each pay quartile and the percentage of men and women receiving a bonus. OLD MUTUAL WEALTH: GENDER PAY GAP DATA *** (AS AT 5 APRIL 2017) Mean Median Hourly pay gap 39% 35% Bonus gap 80% 49% PERCENTAGE OF MEN AND WOMEN RECEIVING A BONUS 84% 85% PROPORTION OF MEN AND WOMEN BY PAY QUARTILE Employees fixed hourly pay ranked highest to lowest, split into four equal groups, showing the proportion of men and women in each group. 25% FIRST (TOP) QUARTILE SECOND QUARTILE 57% THIRD QUARTILE 59% FOURTH (BOTTOM) QUARTILE 75% 50% 50% 43% 41% MEN WOMEN *The Equality Act 2010 (Gender Pay Gap Information) Regulations 2017 ** *** The Old Mutual Wealth Group Gender Pay Gap figures include all employees and fixed term contractors as at the snapshot date, across all jurisdictions, with the exception of a small number of staff in Singapore as their pay structures are different and not directly comparable for the purpose of this disclosure. Data notes: Data covers 3,571 employees as at 5 April Data includes all employees employed on the snapshot date (5 April 2017) who are receiving full pay; it excludes employees on less than full pay as a result of being on leave are not included in the hourly pay gap calculations but are included in the bonus gap calculations. Bonus Period is the 12 months preceding the snapshot date, bonus received in this period is included. The amount of an employee s ordinary pay or bonus pay is calculated before deductions made at source (for example deductions in relation to income tax). Ordinary pay includes basic pay, allowances, pay for piecework, pay for leave, shift premium pay. Bonus pay includes profit sharing, productivity, performance, incentive and commission. The data excludes paid overtime, redundancy or termination of employment, pay in lieu of annual leave or pay which is not money. Mean pay gap is the difference between the mean hourly rate of pay of male full-pay relevant employees and that of female full-pay relevant employees expressed as a percentage of the mean hourly rate of pay of male full pay relevant employees. The median pay gap is the difference between the median hourly rate of pay of male full-pay relevant employees and that of female full-pay relevant employees expressed as a percentage of the median pay of male full-pay relevant employees. Unlike the median which identifies the middle number of a data set, the mean is the arithmetic average and is influenced by the highest and lowest numbers of a data set. 5

6 UNDERSTANDING OUR GAP Old Mutual Wealth has 4,388 colleagues across the UK and international markets (as at 31/12/2017). Despite a relatively even gender split across the whole organisation, this gender balance is not consistent at all levels of seniority in the business. Our gender pay gap figures can be attributed to three key factors: 1. We have fewer women than men in senior leadership roles. Whilst 48% of our overall colleague community are female, just a third of our senior leaders are female. This has a direct impact on the pay and bonus gap, as senior roles attract higher salaries and are more heavily weighted to bonuses. 2. The bonus gap is also driven by the over representation of men in revenue generating roles which typically attract higher performance related bonuses. 3. Another contributor to our bonus gap is the higher proportion of women who work part-time. As at April 2017, 17% of our employees worked part-time, of which the vast majority (15%) were female. The demographic of our workforce, specifically the under representation of women in senior and revenue generating roles, is the key driver behind our gender pay gap figures. Our remuneration policies and processes, including our annual performance management and pay review process, incorporate thorough checks and controls to ensure that people performing equivalent roles, or roles of equal value, are rewarded fairly, regardless of their gender or other diversity factors. During the year we maintain a focus on equal pay through our job evaluation methodologies that size roles and make pay decisions, regardless of gender. 6

7 TACKLING THE GAP Addressing the gender pay gap relies on us creating more gender balance at all levels of seniority throughout the business. To do this we need to understand why the current imbalance exists, and what barriers there are to women holding more senior positions. We are committed to tackling this and have taken some initial steps already within our own business and are working collaboratively with others to address more systemic issues associated with the savings and investment industry. TARGETS In 2017 we set our target for gender balance in senior management; a minimum of 35%, but aiming for 40% of senior management * being female by the end of We have cemented our commitment to these targets by becoming a signatory of the HM Treasury Women in Finance Charter. ( * Executive Committee and their Direct Reports). TRAINING AND AWARENESS To raise awareness of inclusion and diversity within our business we are ensuring that everyone has training to boost their understanding of the potential for unconscious bias in our day to day decisions, and the techniques we can employ to mitigate these risks. For those in leadership and management positions this training is more comprehensive and delivered face to face. For hiring managers training is provided to ensure that we guard against unconscious bias in the recruitment process. NEW RECRUITMENT CHANNELS We have started to use new channels to attract more diverse talent, including job boards that target diverse candidates as well as other programmes such as our ex-military and returner programmes. DIVERSE SHORTLISTS We are adopting a diverse shortlist policy for all new senior hires. In particular shortlists should reflect both genders and we encourage broader diversity characteristics where the pool of candidates with appropriate skills and experience are available. Instances where this requirement cannot be fulfilled are investigated to understand the cause and possible solutions. THE DIVERSITY PROJECT We are founding members of this collaborative initiative set up by the Investment Association which is taking action to accelerate progress towards an inclusive culture within the savings and investment industry. The Project comprises numerous work streams, including ones that are directly focused on attracting and retaining women in the industry. The Project also holds careers seminars at universities to promote the savings and industry as a potential career for women. As a member of Diversity Project we can also make use of the Project s Returner Hub that connects returner candidates with employers. We have launched the Old Mutual Wealth Returner Programme, which with our returnto-work specialist partner, aims to create supported routes back into work for women who have been out of the industry for an extended career break. 7

8 CONCLUDING REMARKS We are committed to creating an inclusive culture that promotes a diverse workplace. We interpret diversity in its broadest sense, however, as a priority we want to improve our gender balance within senior management and have set targets to work towards. The current under representation of women in senior management roles is the main driver behind our gender pay gap. We expect to reduce our pay gap as we increase the proportion of females in senior roles in the coming years. Whilst we have made a start we know there is more work to do and we look forward to sharing our progress over time. CONTACT US For queries related to this report please responsiblebusiness@omwealth.com

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