Gender Pay Gap Report 2021

More than half of Brits have a misunderstanding of what the gender pay gap is, YouGov research has revealed.

Research conducted by the government organisation showed that 41% of people understand what the gender pay gap is, however, 50% still answer unequal pay, 3% said the gender pay gap is something else and a further 5% didn’t know at all when asked.

Creditfix is committed to being an Equal Pay employer. That means that men and women performing equal work will receive equal pay.

While everyone is paid for the role they have in the team and their performance in that role, our Gender Pay Gap Report 2021 highlights how our male and female staff are paid.

Here we explain what the gender pay gap is and what our 2021 figures look like.

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What is gender pay gap reporting?

It has been illegal to pay men and women differently for carrying out the same work since the introduction of the Equal Pay Act in 1970.

The gender pay gap is the difference in the average pay between the men and women working for an organisation. Employers with more than 250 staff must publish gender pay gap data every year.

With more than 182,000 clients, and 368 UK based staff at the time of reporting, Creditfix is heralded as being a market leader and we take great pride in providing equal opportunities to all staff.

While we have more male staff than female, we continually explore how we can close any gaps within our organisation to create more gender balance.

We practice equal opportunities and firmly believe in appointing the best candidate into a role regardless of their gender or other factors covered by the Equality Act.

What is the current gender pay gap?

In 2021, the gender pay gap for full-time earnings in the UK was highest in the financial and insurance sector at 26.5%.

At Creditfix in 2021 the mean ordinary pay gap sat at 11.1%, bucking the trend for the financial industry.

While there is a disparity between average pay for male and female staff, this is in part due to the fact we currently employ 209 men and 159 women.

When analysing our gender pay gap the proportion of male and female employees are split into quartile bands based on their ordinary pay.

In areas where we have more male employees than female, such as the upper quartile that covers sales, IT and development, there is a significant gap.

However, for female employees working in departments such as customer service and arrears  there has been a 10% decrease in the gap compared to 2020. This shows that women are progressing upwards within Creditfix.

Bonus payments are almost identical between male and female employees with 98% of women and 97% of men receiving bonuses in the year. This is a significant increase on our 2020 report, which highlighted 93% of women and 83% of men receiving bonus payments. However, the range of bonuses does vary depending on the department.

Figures show that the mean is in favour of males at 15.5%, suggesting that the salespeople who earn the highest amount of commission are men and more males work in our sales team.

You can view our gender pay gap report in full here.