The Bank of England has published its report on its gender pay gap, showing that the average hourly earnings of female employees are 21% lower than those for men.
The Bank says the gender gap for the average hourly rate for bonuses stands at 23.6%, but does not take into account part-time working. The mean bonus gap reduces to 17.0% when it is worked out on a full-time equivalent basis.
The Bank’s figures show it has made some progress on the gender pay gap on basic pay and the Bank says it is confident that men and women are paid equally for doing equivalent jobs across the Bank. It states that the main reason for the organisation-wide gender pay gap is “an imbalance of male and female colleagues across the organisation”. It says: “At the moment there are fewer women in senior roles than men, as well as a higher proportion of women relative to men in lower scales. When we account for scale differences the gap reduces to around 3.0%. Within scales, there are lots of different roles which require different technical skills and knowledge, so there will always be some differences in levels of pay.”
The Bank outlines what it is doing to address the gender pay gap, including setting diversity targets such as an aim to have 35% female representation in senior roles by 2020. Mark Carney, governor of the Bank of England, says: “We have made steady progress towards that objective since it was set, moving from 20% senior female representation in 2014 to 30% in 2017.”
Its gender pay gap report sets out how it will close the gap, for instance, reporting on progress in its Annual Report and regular monitoring by the Bank’s Court of Directors, ensuring that variable compensation for Executive Directors is linked to gender progression and ensuring there is a Deputy Governor level executive responsible for the progression of gender diversity. The report outlines specific policies in relation to areas such as recruitment, including advertising on jobs boards that attract diverse candidates, ensuring the language in job adverts is gender neutral, developing diverse candidate lists for jobs and understanding the importance of interviewing people with diverse panels in order to avoid unconscious biases.
On retention it has a Women in the Bank network and offers a range of flexible working options at all levels. Some 12% of its staff currently work part-time. The Bank also encourages employees to develop more skills and has a central mentoring scheme in place.