Introduction

This year at James Hay, due to changes to our headcount, we’re not obliged to report on our gender pay gap data. However, we have continued our focus on closing the gender pay gap and will remain transparent about our progress. The snapshot data in this report is taken from April 2021 and compared to April 2020.

The gender pay gap is the difference between what men and women are paid across all levels of the business.

At James hay, we have an ongoing focus to ensure people are paid fairly - we are confident that our people are paid equally, male and female, related to similar work and level of experience.

The gender pay gap does not aim to highlight equal pay issues but does give us a broad indicator on the distribution of pay by gender in our organization.

Our business has been through a significant level of change over the past 12 months, so while we must report our gender pay gap data from April 2021, developing an action plan to address our gender pay gap based on old data doesn’t feel like the right approach.

We’ll be carrying out voluntary gender pay gap reporting in Q2 this year of data from April 2022. This will allow us to create a meaningful, relevant and up-to-date strategy that will help us close the gender pay gap.

Interpreting the data

The Mean is the average number across an entire data set.

The Median is the middle number of a data set when listed from lowest to highest.

Figures are rounded to the nearest 1%. 

The data

Gender Pay Gap

32% Mean - The difference between the mean hourly pay for men and women in our April 2021 payroll. We’ve closed the mean gender pay gap by 3% from 2020 to 2021.

21% Median - The difference between the median hourly pay for men and women in our April 2021 payroll. We’ve closed the median gender pay gap by 2% from 2020 to 2021.

Gender Bonus Gap

77% Mean - The difference between the mean bonus pay paid to men and women in the most relevant bonus period. We’ve closed the mean gender bonus gap by 4% from 2020 to 2021.

30% MedianThe difference between the median bonus pay paid to men and women in the most relevant bonus period. We’ve closed the median gender bonus gap by 12% from 2020 to 2021.


Bonus Distribution

56% - Men who received a bonus in the most relevant period prior to our 2021 April payroll.

65%Women who received a bonus in the most relevant period prior to our 2021 April payroll.


Salary Quartiles

The ‘Overall’ data is a representation of the gender balance of all full-pay relevant employees across the pay range in April 2021. The following four lines show the gender distribution in each quarter of the pay range from highest to lowest.

We can see an almost even gender split in the overall business, however, in the ‘Upper’ quartile there is an over-representation of men and in all other quartiles, an over-representation of women.

Band

Men

Women

Lower

43%

57%

Lower middle

32%

68%

Upper middle

40%

60%

Upper

68%

32%

Overall

46%

54%

Next Steps

In conclusion, last year’s data isn’t a true reflection of our current landscape. In the last 12 months James Hay has been through a significant level of change – most notably the TUPE to FNZ of a big portion of our tech teams and the acquisition of Nucleus Financial. In order for the data to feed into a meaningful action plan, we’re eager to gain insight into our gender pay gap picture today.

We want to develop a relevant strategy to address our gender pay gap, and while we have improved some of our metrics from 2020 to 2021, we still have work to do. Our plan is to conduct a new, ‘live’ analysis of our gender pay data in May 2022. This will give a more up-to-date view on where we stand today and we will use the data to proactively develop a strategy for the rest of the year.

We expect to be two separate legal entities on 30 April 2022, James Hay Partnership and Nucleus Financial, so we will legally still need to report separately to HMRC (in April 2023) as we did this year. However, we plan to work on a voluntarily combined report showing our group-wide gender pay gap data.

Throughout May and June this year, we plan to analyse the April 2022 snapshot pay data to provide some joined-up, ‘real time’ information. We can then proactively use these insights to implement a relevant action plan that will influence our Inclusion and Diversity strategy, talent acquisition plan and our approach to supporting women develop and progress at James Hay.

We know this stuff matters and it’s important to us that we get it right. We want James Hay to be a place where women feel empowered to succeed and supported in the best way to achieve success in our industry. Creating an equitable organisation as we continue to grow and expand is a top priority and we aim to support our people in a way that leads to equal outcomes and opportunities for all.

We’ll release our new round of live gender pay gap data very soon, and we look forward to sharing our plans to enable real change.

You’ll find our official report for 2021/2022 on the gender pay gap service website.

 

I confirm that the data reported is accurate.

Richard Rowney CEO, James Hay Partnership

Signature Date: 5 April 2022

 

Read our 2017 report     Read our 2018 report     Read our 2019 report