Gender Pay Gap Reporting
IFS is committed to equality in all aspects of its business and believes in fostering diversity in the workplace. Below is an overview of the current gender pay gap at IFS UK Ltd, which we are actively working to reduce - please read on for more information.
What do we mean by gender pay gap?
The Gender pay gap is a measure designed to show the difference between the gross hourly earnings for all men in an organisation and the gross hourly earnings for all women. This is different to equal pay, which compares pay for men and women for work of equal value.
The regulations require all companies with 250 or more employees on 4 April 2017 to publish details of their gender pay and bonus gap no later than April 2018. The figures quoted below are for all IFS UK pay-rolled employees as at 5 April 2017 and the bonus gap in the 12-month reference period to 5 April 2017, i.e. for the 2016/2017 tax year.
As of 5 April 2017, the gender balance of male to female employees at IFS UK was 71% male : 29% female.
The graphic below illustrates the gender distribution at IFS UK across four equally sized quartiles from lowest pay to highest pay.
Why do we have a gender pay gap?
Our gender pay analysis has been compiled in-line with legal requirements.
Within the technology sector, larger gender pay gaps are typically seen due to the industry attracting more males than females. The sector faces a challenge in encouraging females to study in and develop technical careers, which typically lead to higher paid roles. IFS has a number of long-term initiatives in place such as the Young Professionals Program to begin to address this.
We are confident that in comparable roles, where males and females have similar experience and provide the same function, there is no inequality in our pay structures. However, the under-representation of women in the higher quartiles, particularly in senior management and sales roles, is the main contributory factor in our gender pay gap. To address this, we continue to promote flexible working and fair recruitment practices to encourage women to progress their careers, enabling them to succeed into more senior roles within our organisation.
The gender pay analysis is an annual requirement and our expectation is that we will see improvements and a reduction in our gap as we continue to drive flexibility and fair working practices. At IFS we are committed to working to reduce our pay gap whilst continuing to promote diversity and equality within our workplace.