Blog
UK Gender Pay Gap Report, Diversity and Representation Commitments
Maggie Getova | May 3 2022 |
Magnit is committed to increasing and embracing all dimensions of diversity. We are dedicated to creating an inclusive work environment for all employees, including our contingent talent. We believe in fair and equitable pay and are dedicated to representation at all levels.
Equal Pay vs. Gender Pay Gap
First, it is important to outline the difference between equal pay and the gender pay gap. Equal pay is the insurance that men and women performing the same or similar work must receive equal pay. The gender pay gap analyzes the overall difference between all men's and women’s earnings across the organization. The gender pay gap is reported on a mean and medium basis. The data indicated in this report is the overall gender pay gap.
The mean hourly pay gap analyzes the difference between men and women based on the overall average pay per gender. On the other hand, the median hourly pay gap analyzes the difference between genders based on the midpoint of the earning range found by lining up employees’ wages from lowest to highest.
The data below shows the hourly and bonus pay gap for all UK Magnit employees, followed by the proportion of employees at each level of the organization. There is a significantly higher percentage of males in the upper quartiles, which drives a bigger hourly pay gap and the bonus gap. There is a higher percentage of women in the lower quartile roles, which traditionally do not award bonuses.
| Mean | Median | ||
| Hourly Pay Gap | 35% | 41% | |
| Bonus Pay Gap | 73% | 84% | |
| Percentage of employees who received a bonus pay | 26% of Women | 20% of Men |
Billiable vs. Staff Employee Populations
Magnit is in a unique situation. Due to the type of services we provide to our clients, we must take into consideration two different employee populations: billable and staff. Staff refers to our traditional, full-time employees, while billable employees are contract workers that are staffed at our clients. Magnit only manages the transaction, while the client directly determines the pay and bonuses of billable workers.
| Magnit Billable | Magnit Staff | ||
| Hourly Pay Gap | Mean Median | 33% 36% | 26% 33% |
| Bonus Pay Gap | Mean Median | 66% 55% | 71% 0% |
| Receiving Bonus | Women Men | 3% 13% | 96% 87% |
Looking Forward
The primary cause of the gender pay gap is the lower representation of women in leadership, and Magnit is committed to increasing the representation of women in the highest levels of our organization. One of our DE&I metrics is increasing women in leadership by 4% by 2025. We are proud of our company-wide gender representation of 62% and continue to work towards an even higher representation at leadership levels. As part of our efforts designed to reach our gender representation goals, we continue to evaluate our hiring and promotion processes, ensure we engage with diverse candidate pipelines and support the growth of our employees through targeted development opportunities and benefits.
Women at Magnit feel supported by connecting with a community of women through our Global Women’s Employee Resource Group, Shakti. Shakti works to empower women by providing professional development opportunities and a strong community.
In addition, Magnit offers the following:
- Diverse slates in leadership hiring
- Paid Maternity leave through Magnit above local government requirements
- EAP includes work life balance solutions/programs
- Mentoring and re-joining opportunities for mothers returning from family leave
- Flexible working hours and convenient remote working arrangements
- Unconscious Bias and Inclusive Leadership training
- Employee engagement surveys broken down by gender to ensure we are aware of differences in experience
If you’re interested in learning more about how Magnit is helping organizations implement winning contingent workforce programs globally, please contact a Magnit representative at info@magnitglobal.com.
Disclaimer: The content in this blog post is for informational purposes only and cannot be construed as specific legal advice or as a substitute for legal advice. The blog post reflects the opinion of Magnit and is not to be construed as legal solutions and positions. Contact an attorney for specific advice and guidance for specific issues or questions.