The finance and insurance industry is once again under a microscope as firms publish their annual gender pay gap reports.
Traditionally among the poorest performing sectors in terms of gender pay equality in the UK, the gender pay gap was more than twice as high than the national average in 2022 according to Statista.
Key insights show that while the median gender pay gap across the UK sits at 14.3%, it increases to 27.9% in the financial sector based on last year’s data.
The Creditfix Group is committed to being an Equal Pay employer, ensuring men and women that perform equal work will receive equal pay.
While individuals are paid for the role they have within the company and their performance in that role, our Gender Pay Gap Report 2023 highlights how our male and female staff are paid.
It’s important to be aware that current UK Government guidelines state that gender must be reported in a binary way. That means the gap doesn’t take into account non-binary or other identities.
What is the gender pay gap and why do we need to report it?
The gender pay gap is the difference between the average pay of men and women in a company.
Any employer with 250 or more employees must share their gender pay gap data annually.
With more than 185,000 clients and 346 UK based staff at the time of reporting, the Creditfix Group is recognised as being a leader in the debt help industry.
We take pride in continually exploring how we can close any gaps within your organisation to ensure gender balance.
While we currently employ more males than females, we practise equal opportunities and are committed to appointing the best candidate regardless of their gender or other factors covered by the Equality Act.
What is the gender pay gap at the Creditfix Group?
The Creditfix Group is proud to report our 2023 median gender pay gap is below the national average, sitting at 13.4%. We also note a 2.4% decrease in our mean gender pay gap.
While there is disparity between our male and female staff, this is partly due to the fact that we currently employ 183 men and 163 women.
When we analyse gender pay gap data, we look at the proportion of males and females working in four different groups, referred to as quartiles, based on their ordinary pay.
It’s important to be aware that some roles, particularly IT which features in the upper quartile, is currently male dominated and as such contributes to the gap.
Despite this there has still been a 7% increase in the number of females in the upper middle quarter due to internal promotion and a 3% increase in women in the top quarter compared to 2022. These figures are encouraging and show that women are progressing their careers at Creditfix.
However, unfortunately in the lower middle and lower quartiles the gap has widened. Data shows there has been a slight increase of 1% in the lower middle quarter and 4% in the lower quarter.
In 2023 95.6% of males earned a bonus compared to 95.7% of females. This is a positive trend for staff compared to 2022 figures which show 92% of males received bonuses in comparison to 96% of females.
Looking to the future
The Creditfix Group is continually evolving. Many of the changes we see in our reporting can be attributed to business process changes trialled throughout the year.
As performance stabilises after this period of change, we expect to see further promotion internally and welcome new staff over the coming year.
The Group is committed to investing in its teams and processes and will continue to do so in 2024.
