Gender pay gap
Building a culture where everyone is treated fairly.
A summary of 2023
We’re delighted to report a 2.17% reduction in the pay gap between women and men this year. Over the last 4 years we have successfully narrowed the gender pay gap by implementing several initiatives to support women including:
- Hybrid working
- Flexible working
- Partnership with the Women in Finance Charter
As part of our Diversity and Inclusion Strategy we also made improvements to further support colleagues. This included an enhanced paid parental leave policy.
Gender pay gap figures for 2023
Our 2023 figures show the average difference between men and women is 24.6%. The gender pay gap looks at the difference in the average pay between all men and all women, and describes this difference in a single number (the data includes pay across all levels and roles).
Calculation methodology
The mean figure is the difference between the average of the pay for men and women and is calculated by adding up each pay rate or bonus and dividing by the number of total employees.
The median figure is the middle value of all or the pay rates of bonuses, when all of these figures are arranged in order.
Gender diversity in leadership roles
As of September 2023, 40% of senior leadership roles are held by women.
Our gender split across the organisation is 59% female and 41% male, with more females in junior roles and higher male representation in senior roles. These colleague demographics are slow to change and have historically been influenced by higher numbers of women choosing part-time work, which Principality has always been proud to support.
Pay quartiles are calculated by listing all salaries from highest to lowest and separating into 4 equal parts.
Pay and wellbeing
We launched our hybrid working policy in 2022 as part of our commitment to providing colleagues with the opportunity to choose when and where they worked.
This has given colleagues greater freedom to balance work and home life.
In 2022 we sought accreditation with the Real Living Wage Foundation, ensuring that we provide our colleagues with a fair rate of pay that supports their wellbeing and everyday needs.
We look forward to continuing this partnership, driving fairness in our pay structures and ensuring colleagues are supported.