Analysis of pay levels for comparable roles across Schroders shows that male and female employees are paid fairly for similar work. But the lower representation of women at senior levels, and other higher-paid roles is reflected in our gender pay gaps. Promoting senior management diversity has improved these gaps, but there is still more to do.
Compared to pay outcomes when the Group first reported its global gender pay gap in 2016:
As our global gender pay gap data is on an ‘awarded’ basis, unlike the UK statutory disclosures, we see it as a fairer reflection of the progress we are making to close the gender pay gap.
The below table shows the global gender pay gap over time, calculated for each financial year since 2016. The calculations reflect hourly fixed pay based on annual rates of pay and working hours at the end of the relevant year and total bonuses awarded in respect of the relevant performance year (i.e. amounts communicated in Q1 following the end of the year).
Females vs males (%):- | |||||
– Top quartile of hourly pay | 21 / 79 | 22 / 78 | 22 / 78 | 24 / 76 | 26 / 74 |
– 2nd quartile | 36 / 64 | 38 / 62 | 39 / 61 | 38 / 62 | 38 / 62 |
– 3rd quartile | 50 / 50 | 47 / 53 | 48 / 52 | 49 / 51 | 49 / 51 |
– Bottom quartile | 59 / 41 | 59 / 41 | 59 / 41 | 55 / 45 | 55 / 45 |
– Overall | 41 / 59 | 41 / 59 | 42 / 58 | 42 / 58 | 42 / 58 |
Hourly pay – gap in medians | 33% | 31% | 30% | 27% | 26% |
Hourly pay – gap in means | 31% | 30% | 29% | 27% | 26% |
Bonus pay – gap in medians | 59% | 53% | 56% | 50% | 46% |
Bonus pay – gap in means | 66% | 62% | 60% | 58% | 57% |
% receiving a bonus | F 95% / M 96% | F 93% / M 95% | F 93% / M 94% | F 92% / M 91% | F 93% / M 94% |
In the UK, most of our workforce is employed by one of two main subsidiaries, Schroder Investment Management Limited and Schroder & Co. Limited. Schroder Investment Management Limited is the main UK employing entity for asset management and Group roles, and Schroder & Co. Limited is the main UK employing entity for our wealth management business.
The UK statutory disclosures for the bonus pay gap must be based on the amounts paid via payroll in the year to the end of April. As such, the bonus pay gap figures below reflect the sum of cash bonus paid in February 2020 and any exercises of vested deferred compensation awards during the year to the end of April 2020 (rather than using the total bonus awarded in respect of 2020 performance).
The below table shows our UK gender pay gap calculated according to the UK gender pay gap reporting regulations. The mean and median hourly pay here are based on what was paid in the April payroll each year, while bonus pay is based on the total variable pay that was paid through payroll in the 12 months ending on 30 April each year.
Females vs males (%):- | ||||||||
– Top quartile of hourly pay | 18 / 82 | 18 / 82 | 20 / 80 | 21 / 79 | 13 / 87 | 13 / 87 | 12 / 88 | 15 / 85 |
– 2nd quartile | 32 / 68 | 31 / 69 | 32 / 68 | 32 / 68 | 20 / 80 | 19 / 81 | 25 / 75 | 20 / 80 |
– 3rd quartile | 39 / 51 | 38 / 68 | 39 / 61 | 41 / 59 | 63 / 37 | 59 / 41 | 51 / 49 | 51 / 49 |
– Bottom quartile | 53 / 47 | 52 / 48 | 54 / 46 | 54 / 46 | 53 / 47 | 57 / 43 | 53 / 47 | 54 / 46 |
– Overall | 35 / 65 | 35 / 65 | 36 / 64 | 37 / 63 | 37 / 63 | 37 / 63 | 35 / 65 | 35 / 65 |
Hourly pay – gap in medians | 29% | 27% | 26% | 25% | 45% | 46% | 44% | 42% |
Hourly pay – gap in means | 27% | 27% | 27% | 26% | 36% | 37% | 33% | 31% |
Bonus pay – gap in medians | 60% | 52% | 52% | 55% | 79% | 78% | 78% | 73% |
Bonus pay – gap in means | 75% | 70% | 71% | 71% | 61% | 63% | 48% | 45% |
% receiving a bonus | F 91% / M 93% | F 88% / M 92% | F 90% / M 93% | F 89% / M 89% | F 81% / M 86% | F 83% / M 90% | F 94% / M 92% | F 92% / M 94% |
Schroders is a world-class asset manager operating from 38 locations across Europe, the Americas, Asia, the Middle East and Africa.
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