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Gender Pay Gap Report

01/10/2021

Creditfix > Blog > Creditfix Debt Help Blog > Gender Pay Gap Report

Addressing the gender pay gap is “more important than ever” the Equality and Human Rights Commission (EHRC) has said as figures show women have been disproportionately affected by the pandemic.

The UK equality watchdog is set to begin enforcing gender pay gap reporting requirements again in October 2021 as a temporary suspension of enforcement during the COVID-19 outbreak comes to an end.

However, despite the suspension, Creditfix has still compiled a report highlighting our figures from last year.

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 2020 highlights how our male and female staff are paid.

What is gender pay gap reporting?

Since the Equal Pay Act of 1970, it has been illegal to pay men and women differently for carrying out the same work.

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 435 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 females, 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 at Creditfix?

In 2020, the gender pay gap for full-time earnings in the UK was highest in the financial and insurance sector at 25.2%.

The financial industry was followed by scientific and technical workplaces at 19.7%, health and social work at 13.9% and education at 13.2%.

Official data shows that it was lowest in sectors such as arts and entertainment as well as mining and quarrying.

National statistics have yet to be published for this year but at Creditfix in 2020 the mean ordinary pay gap currently was 11%, bucking the 2020 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 at that time we hired 252 men and 183 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 females, such as the upper quartile that covers sales, IT and development, there is a significant gap.

However, in departments such as customer service and arrears we see the gap in favour of women by between 10 and 11%. This shows that women are progressing upwards within Creditfix.

Bonus payments were almost identical between male and female employees with 93% of women and 89% of men receiving bonuses in the year. This is a significant increase in 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 bonus mean was in favour of males at 18.75%, suggesting that more men work in commission-based roles.

 

For further information, you can view our Gender Pay Gap Report 2020 here. Our 2021 figures will be published in due course.

 

 

 

 

 

 

 

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Gender Pay Gap Report

01/10/2021

Gender Pay Gap Report

01/10/2021

Addressing the gender pay gap is “more important than ever” the Equality and Human Rights Commission (EHRC) has said as figures show women have been disproportionately affected by the pandemic.

The UK equality watchdog is set to begin enforcing gender pay gap reporting requirements again in October 2021 as a temporary suspension of enforcement during the COVID-19 outbreak comes to an end.

However, despite the suspension, Creditfix has still compiled a report highlighting our figures from last year.

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 2020 highlights how our male and female staff are paid.

What is gender pay gap reporting?

Since the Equal Pay Act of 1970, it has been illegal to pay men and women differently for carrying out the same work.

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 435 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 females, 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 at Creditfix?

In 2020, the gender pay gap for full-time earnings in the UK was highest in the financial and insurance sector at 25.2%.

The financial industry was followed by scientific and technical workplaces at 19.7%, health and social work at 13.9% and education at 13.2%.

Official data shows that it was lowest in sectors such as arts and entertainment as well as mining and quarrying.

National statistics have yet to be published for this year but at Creditfix in 2020 the mean ordinary pay gap currently was 11%, bucking the 2020 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 at that time we hired 252 men and 183 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 females, such as the upper quartile that covers sales, IT and development, there is a significant gap.

However, in departments such as customer service and arrears we see the gap in favour of women by between 10 and 11%. This shows that women are progressing upwards within Creditfix.

Bonus payments were almost identical between male and female employees with 93% of women and 89% of men receiving bonuses in the year. This is a significant increase in 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 bonus mean was in favour of males at 18.75%, suggesting that more men work in commission-based roles.

 

For further information, you can view our Gender Pay Gap Report 2020 here. Our 2021 figures will be published in due course.

 

 

 

 

 

 

 

Related articles

Talk Money Week 2021: How to open up about your debt

 

DWP announces Christmas bonus payment

 

Stress Awareness Week 2021

 

Life after furlough: what support is available?

 

Universal Credit cut expected to push millions into hardship