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 a reduction from 31% to 28% in our gender pay gap in the last two financial years which is in line with the indicative average for the financial and insurance services industry in which we operate (26.5%). Furthermore, we can see a positive trend in the fourth quartile where the ratio of women to men employed in these roles has improved. As such, we remain confident that the downward trend in the gender pay gap is reducing in line with the national average.
Radius remains committed to achieving this within our philosophy of constantly seeking the best possible person for any position. We will continue to support a number of initiatives designed to afford all staff an equal chance to progress in the business. These include promoting our 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. New initiatives include the Female Directors Working Group which is present both in the UK and our global colleagues. We have developed our People Reporting capability following the introduction of a new HR information system which has provided better insights into our demographic makeup and enhanced 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 2021, 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 28%
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 8%
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. There has been a 3% improvement in this measure versus the prior year.
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. There has been a 9% improvement in this measure versus the prior year.
The median bonus gender pay gap 39%
This calculation requires an employer to show the proportion of male relevant employees who were paid any amount of bonus pay. There has been a reduction of 4% in this measure versus prior year.
Proportion of males receiving a bonus payment 62%
This calculation requires an employer to show the proportion of male relevant employees who were paid any amount of bonus pay. There has been a reduction of 4% in this measure versus prior year.
Proportion of females receiving a bonus payment 75%
This calculation requires an employer to show the proportion of female relevant employees who were paid any amount of bonus pay. There has been a 3% reduction in this measure versus the prior year.
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
