GENDER PAY GAP REPORT APRIL 2017

Transcription

1 GENDER PAY GAP REPORT APRIL 2017

2 ONE TEAM, ONE SUCCESSION At Succession we are committed to equality, diversity and inclusion. During 2017 Succession made a major investment in its Human Resources function and implemented a programme to develop our Vision and Values: To BE THE BEST independent wealth management business in the UK We hope that by building an organisational foundation which is based on these Values our colleagues are focused on both their own development but also meeting the needs of current and future clients. CLIENT FOCUSED Our actions will always be for the benefit and in support of our clients. RECRUITMENT AND TALENT MANAGEMENT Our Recruitment and Talent Management processes ensure equality of opportunity and reflect CLIENT. Doing so, makes certain those colleagues that we recruit and promote are best placed to deliver our strategy. Our new Talent Management process also helps the Executive Team and Senior Leaders across the business to identify diverse talent with potential and to put in place a development and career plan. We want: - To attract and retain talented and diverse individuals who will represent our core values and strive to achieve our business vision. - Our clients to be happy with what we do for them. - Both our clients and our people to share with others how good we are. - As a result become: One Team, One Succession. The clarity of our vision and its purposeful execution will ultimately bring us success, and therefore this programme led to the launch of some significant initiatives: OUR CLIENT VALUES We refreshed and defined our Group Values which run throughout our organisation - it is a constant. One major change is that our Appraisal Process now measures colleagues performance against the CLIENT values. LONG TERM & SUSTAINABLE We will create sustainable teams and services that secure long term financial security for our clients. INTEGRITY Our work and decisions will always be conducted with upmost integrity. EFFICIENT We will continuously evolve what we do and how we do it to ensure we are meeting client expectations. NIMBLE Our thinking, process and leadership will be nimble and effective. TEAMWORK Our company will be founded on the principle of helping each other to win. SUCCESSION ENGAGEMENT SURVEY In September 2017 we had our very first Engagement Survey. This provided insight into how we can improve. 89% of colleagues completed the survey and the key messages are: - 78% of Colleagues are engaged - 88% of Colleagues have trust in our leadership - 73% of Colleagues would recommend us as a great place to work This survey will be run regularly and the results will continue to inform how we can improve. James Stevenson Chief Executive Officer 2

3 OUR RESULTS PAY QUARTILES LOWEST LOWER MIDDLE GENDER PAY AND BONUS GAPS Succession s Gender Pay Gap between men and women, at 5 th April 2017 is 35% median, and 42% mean. For Bonus payments, the results show that women are bonused 76.7% median, and 86.2% mean less than men. Difference Between Men and Women (5/4/2017) MEDIAN MEAN We have already made significant progress during As at 31 st December 2017, Succession s Gender Pay Gap between men and women is 19.5% median, and 33.9% mean. Difference Between Men and Women (31/12/2017) MEDIAN MEAN 34.50% 32.20% 65.50% 67.80% 6.4% pay gap 7.4% pay gap UPPER MIDDLE UPPER 29.90% 46.00% 54.00% 70.10% Hourly Pay 35% 42% Hourly Pay 19.5% 33.9% 4% pay gap 28.5% pay gap Bonus Pay 76.7% 86.2% Bonus Pay 94.5% 89.3% PROPORTION OF COLLEAGUES AWARDED A BONUS TO APRIL 2017 The gender split in each of the 4 pay quartiles is detailed in the above pie charts. Each quartile represents 87 colleagues. 20% of men received a bonus and 9% of women received a bonus in 2016/ % 17 9% KEY INSIGHTS Succession Group s Gender Pay Gap between men and women is greater at the upper quartile and much lower within quartiles Succession Group s Gender Pay Gap has improved during 2017 and is below the financial services mean of 34%. 133 Did not receive a bonus (number of relevant colleagues) 165 Received a bonus (number of relevant colleagues) - Our Gender Pay Gap is as a result of less women being employed at the most senior level. - There are more women than men that work for Succession but in roles that attract a lower salary. - The Gender Pay Gap is not driven by unequal pay. Our Recruitment process ensures we offer equal pay for equal work regardless of gender or background. 3

4 THE FUTURE What are we doing to reduce our Gender Pay Gap? Succession s gap in both our pay and bonus pay demonstrates that there is work to be done. Whilst there is not an equal pay issue, Succession will take steps to reduce its pay gap. We are already seeing progress in this area with our mean Pay Gap reducing to 33.9% as at December 2017, which is an 8.1% improvement. This is below the Financial Services National mean of 34%*. OUR COMMITMENT IS AS FOLLOWS: - From 2018 Executive member, Simon Charles Group HR Director, will be responsible and accountable for gender diversity and inclusion. - At April 2017, 30% of our Senior Leadership Team were female and we will continue to focus on improving that. - Our Talent Management process will identify and nurture a pipeline of women. - In 2018 we have launched Flexible working options at all levels. - We will continue to gain insight on our gender diversity through our annual Engagement Survey. * PWC Women in Business Report 17 4

5 DECLARATION We confirm that our data is accurate and has been calculated according to the requirements of The Equality Act 2010 (Gender Pay Gap Information) Regulations James Stevenson Chief Executive Officer Simon Charles Group HR Director Michael Hill Chief Financial Officer 5

6 T : E : info@successiongroup.co.uk Drake Building, 15 Davy Road, Plymouth Science Park, Derriford, Plymouth, Devon PL6 8BY