Revolut lags behind rival neobanks in gender pay
Women at Revolut, Britain’s $ 33 billion neobank, are paid 69 pence for every pound earned by their male colleagues in the UK.
This is the main finding of Revolut’s very first Gender Pay Gap Report, which provides an overview of the gender pay gap at start-up as of April 5, 2020.
The 69p figure (a 31.3% spread) is lower than results filed by Monzo and Starling Bank – Revolut’s main UK rivals – in recent years. As of the same date in 2020, women at Starling Bank were being paid 84 pence for every £ 1 (15.6%) earned by men. Monzo has yet to file his latest report, but women in the neobank were paid 80 pence for every £ 1 (20.4%) earned by men in 2019.
A Revolut spokesperson told The Block: “Although women are not paid less for the same work, these results reflect the higher concentration of men in the upper salary brackets in the UK. We want to increase the proportion of women in our management and in our senior management. and encourage and recruit more women into higher paying positions. “
“We have a Women in Leadership program to help accelerate our female talent and we are looking at where and how to recruit to attract more women,” continued the representative.
These aggregate figures reflect companies’ median hourly pay differentials – a metric that highlights the typical situation faced by staff. UK companies with more than 250 employees must report these measures on an annual basis.
Eligible companies must also report the average gender pay gap, which provides another way to assess pay gaps. Revolut compares more favorably to its peers in this area. At Revolut, the average hourly wage of women is 23.1% lower than that of men. The most recent figures available for Starling Bank and Monzo, respectively, are 21.3% and 19.3%
Revolut’s first report on the gender pay gap also found that women hold 13.9% of the highest-paying jobs and 45.5% of the lowest-paying jobs in the company.
The pay gap is also evident in bonuses. Women at Revolut earn 40p for every £ 1 earned by men comparing the median bonus (60.2% less), and the average bonus for women is 97.2% less.
The advent of the UK Gender Pay Gap Reporting in 2017 highlighted the extent of the gender pay gap in the FinTech sector. Many initiatives, including the Women in Fintech program of the professional organization Innovate Finance, have been deployed to try to combat the situation.
This report has been updated with comments from Revolut.
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