21 February 2019
Quilter today publishes its gender pay gap report and while improvements have been made, the company recognises that more needs to be done to close the gap and create more gender balance throughout the organisation.
Since its first report last year, (2017 figures- available here) Quilter has made some positive progress. The mean pay gap has reduced from 39% to 35% and the median bonus gap has improved slightly, dropping from 41% to 39%. Remaining flat from last year however is the median pay gap at 29% and average (mean) bonus gap at 70%.
In 2017, Quilter set a minimum target to make its senior management community at least 35% female, but ideally 40% female, by the end of 2020. Quilter’s executive committee is now 21% female, compared to 8% in 2017 and its total senior management community is now 34% female. However, the company recognises that this still does not represent its total work force which is almost half female.
Quilter has identified the leading causes for why there continues to be a gender pay gap in the business. More men occupy senior management and revenue-generating roles, whilst more women occupy junior roles and more women are in part-time roles.
Quilter has been looking at its recruitment and development programmes, policies and systems and importantly its culture in a bid to find ways to improve its gender pay gap. The business has identified some changes it can make relatively quickly and easily to improve results, while others will take more time for the results to filter through.
Some examples of activity already being undertaken include:
- The introduction of a diverse shortlist policy meaning that all senior hires must have a diverse shortlist of candidates from which to recruit
- A mentoring programme that supports talent development
- The Quilter Financial Adviser School is actively recruiting women to become qualified financial planners which mean the FAS graduate population has more women (approx. 30%) than is typical in the financial adviser population more widely
- Each member of the Quilter Executive Committee has inclusion and diversity objectives
Quilter is also working with others in the industry to address industry wide barriers to diversity through its membership of The Diversity Project and as a signatory to the HM Treasury Women in Finance Charter.
The gender pay gap measures the difference in the average hourly pay between men and women in an organisation. It is important to distinguish between the gender pay gap and equal pay. Equal Pay legislation has been in place for over 40 years and ensures that people performing work of equal value receive equal pay, regardless of their gender. As part of Quilter’s annual performance management and pay review process it ensures that its people are being paid fairly based on their role, responsibilities, experience and performance.
The data is taken as a snapshot at 5th April each year.
Paul Feeney, CEO, Quilter comments:
“Creating an inclusive culture is key to creating a business which excels in an increasingly competitive environment. It is my firm belief that our business can only best serve its customers if it reflects their own diversity.
“While we have made some improvements over the last year, there is still significant work to be done to close the gender pay gap both within our organisation and across the industry. We now need to translate our commitments into tangible results, which truly turn the dial.
“I am pleased that we now have more gender diversity on our Board and Executive Committee but am under no illusions that there isn't more that needs to be done to make sure that the leaders of this company better reflect its workforce and client base.”
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Notes to Editors:
About Quilter plc:
Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.
Quilter plc oversees £114.9 billion in investments (as at 31 March 2019).
It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions; and discretionary fund management.
The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.
Advice and Wealth Management encompasses the financial planning network, Intrinsic; Quilter Private Client Advisers; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.
Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.
The Quilter plc businesses are being re-branded to Quilter over a period of approximately two years:
- The Multi-asset business is now Quilter Investors
- Intrinsic to Quilter Financial Planning
- The private client advisers business is now Quilter Private Client Advisers
- The UK Platform to Quilter Wealth Solutions
- The International business to Quilter International
- The Heritage life assurance business to Quilter Life Assurance
- Quilter Cheviot will retain its name.
This press release is for journalists only and should not be relied upon by financial advisers or customers.
Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.
This communication is issued by Quilter plc. Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270. Registered in England.