Gender Pay Review Report
Report Narrative
Following a government-led consultation in 2016, gender pay reporting legislation requires private sector employers with 250 or more employees to publish statutory calculations every year showing the pay gap between their male and female employees.
As demonstrated in our published report, Radius has carried out the six statutory calculations which I can confirm are based on accurate data.
We have seen an increase from 31% to 36% in our gender pay gap in the last financial year. The indicative average for the financial and insurance services industry in which we operate is 24.9%. A number of factors have affected the results including an increase in headcount from natural growth. Therefore, the number of employees captured in the top 25% has increased, of which a higher proportion have been male, falling in line with our philosophy of fair recruitment practices. The gender pay gap for employees categorised in the remaining three quarters of the population is 1%. We remain committed to delivering a long-term downward trend in the gender pay gap accelerating towards falling in line with the industry average.
We will continue to support a number of initiatives designed to afford all staff an equal chance to progress in the business. These include in 2022 the launch of our enhanced family friendly policies and benefits, delivering equality and diversity training to all managers, mixed gender recruitment panels and a transparent application process for our Graduate Management Programme and internal Management Development Programme. Further initiatives we have launched in the last 12 months include our global Female Networking Group. In addition, we have developed our People Reporting capability following the introduction of a new HR information system which has provided better insights into our demographic make-up and enhances communications of the decision-making process of pay positioning, pay increases and the rationale for starting salary or salary adjustments. Following our employee engagement survey in 2022, we will commit to greater effort in ensuring pay ranges are market-tested and a shift to narrower ranges that help reduce gaps.
Gender Pay Reporting
Mean gender pay gap 36%
This calculation requires an employer to show the difference between the mean hourly rate of pay that male and female full-pay relevant employees receive a positive % reveals that typically or overall, female employees have lower pay or bonuses than male employees.
Median gender pay gap 21%
This calculation requires an employer to show the difference between the median hourly rate of pay that male and female full-pay relevant employees receive a positive % reveals that typically or overall, female employees have lower pay or bonuses than male employees.
The mean bonus gender pay gap 65%
This calculation requires an employer to show the difference between the mean bonus pay that male and female relevant employees receive a positive % reveals that typically or overall, female employees have lower pay or bonuses than male employees.
The median bonus gender pay gap 35%
This calculation requires an employer to show the difference between the median bonus pay that male and female relevant employees receive a positive % reveals that typically or overall, female employees have lower pay or bonuses than male employees.
Proportion of males receiving a bonus payment 69%
This calculation requires an employer to show the proportion of male relevant employees who were paid any amount of bonus pay, including commission.
Proportion of females receiving a bonus payment 70%
This calculation requires an employer to show the proportion of female relevant employees who were paid any amount of bonus pay, including commission.
Gender Pay Reporting –
Quartile pay band
The calculation requires an employer to show the proportions of male and female full-pay relevant employees in four quartile pay bands, which is done by dividing the workforce into four equal parts.
Comparing these results will indicate the distribution of full-pay relevant male and female employees in the quartile. Comparing results between the quartiles will indicate the distribution of full-pay relevant male and female employees across the organisation
Quartile 1
Quartile 2
Quartile 3
Quartile 4
