At LloydsDirect, we believe everyone should be paid a fair salary for the experience they bring to their job – regardless of their gender. Our gender pay gap report is one way we can measure our progress.
The report measures the difference between the average hourly rate paid to men and the average hourly rate paid to women. By ensuring we reduce the gap year on year, we’ll make our company a more inclusive place to work. For everyone.
Since publishing our first report in 2020, we’ve made great progress in reducing the gender pay gap identified. LloydsDirect's median pay gap is now 1.7% – a huge improvement on 37.2% 2 years previously. And LloydsDirect's mean pay gap is now 11.2%, down from 30.6% in 2020.
The percentage of women in the upper middle quartile of pay has risen from 18% in 2020 to 33% in 2021 and now stands at 56% in 2022. Again, this marks a considerable improvement over the past 2 years.
“We believe everyone should be paid fairly and that companies are responsible for closing and ultimately eliminating the gender pay gap. These beliefs are reflected in our latest gender pay gap report. During 2022, our focus was to deeply embed our strategy for diverse talent, internally and externally. So, to achieve this, we created internal career progression opportunities and supported our in-house recruitment team. In 2022, we also gave our whole team and external candidates visibility of our market-benchmarked pay bandings for their role, building on our commitment to pay review transparency and equality.”
We’ve come a long way. Over the past year we’ve significantly reduced pay disparity across the organisation. In part, we attribute our success to having significantly increased our headcount and being thoughtful about who and how we recruit. We’re excited to continue to make positive changes in this area.
But there’s still work to do.
As we move towards reducing the gender pay gap further over the coming years, we look forward to sharing our progress here.