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PwC Reduces its Gender Pay Gap to 14%

Category: Industry News, Employer Focus

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It was revealed by the Big Four firm that as per the methodology of the government, their overall pay gap was 13.7% while 37.5% was the bonus gap.

PwC responded to the report, stating that the gap was mainly driven by more number of men being in higher paid, senior roles and more women being in administrative, junior roles. When pay is compared on the same grade level, the pay gap drops to 2.9%.

Under the government’s new guidelines, PwC is the first professional services firm to have reported their pay gap.

Laura Hinton is Glad to Notice that the Gender Pay Gap is Narrowing

The head of people at PwC, Laura Hinton, said that publicly reporting their gender pay gap since the year 2014 has helped them to recognise and understand the disparity existing in their business. It has made them realise that they need to do something about such imbalances. She further said that it is encouraging to observe that their pay gap is reducing.

PwC Accepts that There are More Men in Senior Roles and They are Addressing this Issue

Laura Hinton went on to say that she is confident that they are paying their male and female employees equally when it comes to identical jobs across their business. However, she does acknowledge that their pay gap report shows that there are more men in senior positions than women.

She said that the firm is actively addressing this issue in a number of ways including reviewing their recruitment processes; their returnship programme; by making more senior job roles available as part-time or flexible and managing unconscious bias in the workplace.

The Firm’s Research Suggests 24 Years Until Closing of the Gender Gap

The firm’s own research concluded that it will take twenty-four years to close the gender gap in the UK. This is mainly because of the job differences between women and men across diverse industries and job roles. The sector with the largest pay gap of 34% is the financial services.

A partner in PwC’s UK reward practice, Alastair Woods, said that organisations are at a reputational risk if they have a high gender pay gap. Until and unless the companies are able to give a valid explanation as to why the pay gap exists and what steps are being taken by them to address the issue, they will be viewed upon as firms not offering equal opportunities to men and women. This will lead to negatively impacting their current and potential employees, along with customers.

PwC’s research highlighted that women are likely to continue working in lower paid occupations and sectors, such as education and health & social work roles. They make up a much smaller proportion of the workforce in the high-paying sectors like, mining and quarrying, financial services and electricity and gas.

Closing of the gender pay gap could lead to enhancing female earnings by almost £85bn/year in the UK, which is on an average £6,100 per woman per year.

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Vercida works with over one hundred clients who are committed to creating an inclusive work environment. If you are an employer and interested in working with Vercida to promote your diversity and inclusion initiatives and attract the best candidates, please call 02037405973 or email info@vercida.com for more information.

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VERCIDA works with over one hundred clients who are committed to creating an inclusive work environment. If you are an employer and interested in working with VERCIDA to promote your diversity and inclusion initiatives and attract the best candidates, please email info@vercida.com for more information.

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